Standard Chartered has cut close to 100 jobs from its UAE operations as the London-based lender implements a global overhaul of management to save up to $2.9bn in costs.

The senior-to-mid-tier jobs were slashed across the board ever since the global chief executive, Bill Winters took over about three months ago, according to two sources familiar with the situation. Further cuts are expects in the bank’s retail division, says one of the sources, asking not to be identified as the information isn’t public.

“We are not able to provide a breakdown at this time,’’ says Wasim Ben Khadra, senior regional manager for external communications at Standard Chartered. “Transition period could be difficult, we are taking the action as quickly and as fairly as possible.’’

Standard Chartered has announced plans to reduce its staff by 15,000 to help save $2.9bn by 2018.

CEO Winters’ plan is opposite to predecessor Peter Sands’s revenue-driven expansion across emerging markets, which left the bank saddled with bad loans when commodity prices slumped and economies from China to India cooled, according to media reports.

From its UAE operations, the bank has cut 11 sales and trading jobs, including four managing director roles, according to Bloomberg.