Standard Chartered cuts 15,000 jobs and raises $5.1bn

Banking group Standard Chartered is to cut around 15,000 jobs worldwide and raise $5.1bn (£3.3bn) from a rights issue.

The restructuring was announced as the bank reported a "disappointing" third-quarter pre-tax loss of $139m for the three months to September.

That compared with a profit of $1.5bn for the same period last year.

Shares in Standard Chartered fell by more than 6% as London's stock markets begun trading.

BBC business editor Kamal Ahmed explains.

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