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Standard Chartered (LON:STAN) announced a surprise plunge into the red, a £3.3bn fund-raising and 15,000 job cuts - and axed its dividend.
The Asia-focused bank made a pre-tax loss of US$139mln in the three months to September 30 against a profit of US$1.5bn a year ago.
It blamed the losses on previous disposals plus tough markets due to falling commodity prices and the Chinese economic slowdown.
The group said: "The board has decided that no final dividend will be paid for the current financial year ending December 31, 2015." Shares fell 53.8p or 7.5% to 659.8p.
Standard Chartered also said it was shedding 15,000 jobs by the end of 2018 as part of a review of the business.
It vowed to increase its gross cost-cutting target to US$2.9bn by 2018, which will include the job losses and disposal of non-core businesses.
New chief executive Bill Winters, who replaced Peter Sands, said: "The business environment in our markets remains challenging and our recent performance is disappointing.
"Today we have announced a strategy that makes big changes to how we will manage ourselves going forward.
"We are positioning the group for improved return on equity on a strengthened capital base."
Income of US$12.2bn in the year-to-date fell 12%, or 8% on a constant currency basis.
Third quarter income of US$3.7bn was down 18% year-on-year or 10% from the previous quarter, reflecting a decline in client activity as a result of volatile market conditions and the impact of de-risking actions.
Richard Hunter at stockbroker Hargreaves Lansdown said: "If there is an upside to today’s news, it may be that this kitchen-sinking prepares the ground for a real turnaround, whilst also underling the determination of the new chief executive to make his mark – and quickly.
"Further out, the group’s exposure to the regions which are causing it problems today may yet return to being an asset rather than a liability."
Investec's Ian Gordon said: "Our own forecasts are under review, and we expect consensus to 'rebase' sharply lower once the detail of today’s strategic review has been absorbed."