StanChart closures seen to have little buy-side impact

Standard Chartered’s move to close its equity derivative and convertible bond units is unlikely to have major implications for the investment industry or for the UK bank’s own wealth management business, according to individuals AsianInvestor spoke to. The closures, announced yesterday in an internal memo, continue the group’s efforts to cut non-core operations and boost flagging profits. They follow reports earlier this month that the bank would cut 1,000 of its 4,000 senior staf…