By Daniel Hunter

Standard Chartered will close its equities business in an attempt to cut costs and boost profits.

The Asia-focused UK lender that the decision would help it save $100m (£66.2m) in 2016. In November, the bank said it would try to save $400m this year alone.

It means that 2,000 jobs will be cut, adding to the 2,000 already announced.

The move to close its equities business comes after Standard Chartered issued three profit warnings in 2014. In October, it reported a 16% drop in operating profit as a result of restructuring its South Korea business and bad loans.

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