The UK-listed bank, which focuses on markets across Asia, Africa and other emerging markets, posted a “disappointing” third-quarter performance. It also announced a rights issue and shares have since fallen sharply.

Standard Chartered announced it is to raise £3.3 billion ($5.1 billion) in capital after reporting a pre-tax loss of $139 million for the three months to the end of September, which compared to a profit of £1.5 billion for the same period last year. Shares in the lender fell sharply after the announcement of the rights issue; early afternoon in London, shares were down 9.75 per cent at 643.80 pence per share.

Around £3 billion of the capital raised, which Standard Chartered said will lead to a “lean, focused and well capitalised international bank” will cover restructuring costs while the remainder will be split between potential redundancy costs and goodwill write downs. Indeed, the bank plans to cut 15,000 jobs by 2018.

The announcement came as a result of a strategic review launched by Bill Winters when he took over as chief executive in June. In the statement, the bank also mentioned it was the subject of two investigations by the UK's Financial Conduct Authority concerning its financial crime controls.

Over the third quarter, the British bank's total revenue fell 18 per cent year-on-year to $3.68 billion. Of this, the wealth management division generated $399 million versus $441 million the previous year. The bank said the “disappointing” third quarter operating loss arose from business divestments and de-risking initiatives, combined with challenging conditions in its key markets as commodity prices fell and the Chinese economy slowed.

“We are positioning the group for improved return on equity on a strengthened capital base. We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East,” said Winters.