Standard Chartered unveiled a major overhaul of its operations Tuesday that will involve raising capital and cutting jobs and costs, exiting from certain businesses and countries, and establishing new profitability targets.

The UK-based lender plans to raise $5.1 billion in a rights issue to shore up its balance sheet and implement its updated strategy. For every seven existing shares held by shareholders, the bank will offer two rights shares at the price of 465 pence ($7.17) a share in London, a 34.8% discount to the last closing price, and at 55.60 Hong Kong dollars ($7.17) a share in Hong Kong, a 29.4% discount. The lender also said it would omit a final dividend for the year ended December 2015.