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Liverpool FC shirt sponsor Standard Chartered announced a third quarter loss today, and plans to raise £3.3bn through a rights issue to pay for a fundamental reorganisation of the Asia-facing banking group.

It also announced plans to axe 15,000 jobs from its total workforce of 86,000 staff.

New chief executive Bill Winters unveiled today’s third quarter trading statement that showed a fall in income for the three months to September 30, from £2.92bn to £2.38bn and a pre-tax loss of £90m, compared with a profit of £99m a year ago.

The nine month figures showed a fall in revenues from £8.93bn to £7.88bn, and a pre-tax profit of £1.09bn, compared with £3.11bn last year.

The group said its “disappointing” third quarter operating loss reflects the previously announced business divestments and de-risking initiatives, combined with challenging conditions in the group’s key markets, including depressed commodity prices and the broader impact of the slowdown in China.

It said loan impairment charges remain at “elevated levels” and has taken a charge of £78m in the third quarter, which is broadly in line with the second quarter.

However, it said it is on track to deliver on its first year of its cost efficiency programme which it announced earlier this year, and which it intends to increase in size.

Regulatory costs were up 44% to £447m due to an increase in investment in its financial crime risk compliance capability after it was fined £650m by US authorities for breaching sanctions on trading with Iran.

Mr Winters said today: “The business environment in our markets remains challenging and our recent performance is disappointing.

“Today we have announced a strategy that makes big changes to how we will manage ourselves going forward.

“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 the 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.”

Standard Chartered’s rights issue is fully underwritten by J.P. Morgan Cazenove and Bank of America Merrill Lynch, which means they will buy any new shares not taken up.

The issue of new shares to raise the new funds will help create a “lean, focused and well capitalised international bank, poised for growth across our dynamic and growing markets,” Mr Winters said.

Today’s announcement also confirmed that the board has decided that no final dividend will be paid for the current financial year ending December 31.

Last year the group issued three profit warnings due to bad loans and higher regulation and compliance costs. Its impairment for loans and other credit risks almost doubled.

The bank’s fortunes, and value, have been hit by the slowdown in China’s economy, and turbulent commodity markets.

Standard Chartered is also still under investigation by US authorities for possible breaches of their sanctions on Iran, which has already cost the bank £650m in fines.