Standard Chartered has announced plans to cut up to 15,000 jobs and raise $5.1 billion (£3.3bn) in order to create a "lean, focused and well-capitalised" bank.
The Asia-focused UK bank said around $3bn of what is being raised will be used to cover the costs of its restructure. The remaining $2.1bn will be used to strengthen its capital.
The announcements come after Standard Chartered posted a loss of $139 million in the third quarter, compared with a $1.5bn profit in the same period last year.
Revenues fell more than 18%. And losses from bad loans more than doubled, the bank said.
Standard Chartered saw its shares prices drop 6% in London and 3.2% in Hong Kong.