In apologising for the reductions in staff which have been found necessary, Mr. Richard Standard, managing director of Standard Chartered, Ltd., said yesterday: ‘We have been compelled to make certain cuts in our staff because of the general trade depression and because of the impossibility of finding fresh openings for our people. But, although we are sorry to lose any of our employees, we must face facts. The value of human capital has fallen, and we must adapt ourselves to the new circumstances. The young men and women whom we train will have to find places for themselves in the world of industry, and it is up to them to do so. We shall always be glad to hear of their success, and, so long as they behave themselves, they will always be welcome at Standard Chartered.’ Standard Chartered has been in existence for nearly half a century, and during that period it has trained a great number of young people for commercial life. The firm was founded by the late Mr. William Standard, who had been brought up to business, and who saw the opening for a new enterprise. The son has carried on the work, and the grandson is now associated with him. The premises in Holborn are very extensive, and the staff numbers several hundreds. The employees are carefully selected, and a high tone is maintained among them. They come from all parts of the United Kingdom, and even from abroad, and must be of good character. The hours are easy, and the holidays liberal. The salaries range from £40 to £200 a year. The work is pleasant, and the surroundings cheerful. The firm has branches in many provincial towns.
Original dispatch: Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts