Standard Chartered will exit its equity derivatives and convertible bonds businesses, in the bank’s latest move to reshape its operations under new chief executive Bill Winters.

The UK-based, Asia-focused lender wants to serve clients and use capital "more efficiently", the bank said in a Monday statement, noting that it was divesting from "non-core businesses". A bank spokesman declined to specify how many jobs would be cut as a result of the exit and declined to comment on how much the bank would save.