Here’s new Standard Chartered chief executive Bill Winters, bare-chested, doing a falsetto June 10, 2015 Remember that video featuring five top City executives making total prats of themselves while stripping off and singing that appeared on YouTube last April? We just thought we'd bring it up again, partly because it was funny, but mainly because it features new Standard Chartered chief exec Bill Winters – who started his job today [...]
Challenge set for Bill Winters on day one at Standard Chartered as UK domicile remains “under review” June 9, 2015 HSBC’s plan of action to review the location of its headquarters puts pressure on Standard Chartered’s new boss Bill Winters as he takes up the role today. StanChart is domiciled in the UK but carries out almost all of its business overseas, specialising in emerging markets. As a result it is set to [...]
Standard Chartered warns compliance costs are mounting as it stays in the UK May 6, 2015 An increasing number of compliance staff are paid seven-figure salaries at Standard Chartered, the bank’s bosses told shareholders yesterday, as it battles to make sure it does not pay more mega-fines. The UK-based emerging markets specialist has been hit with fines for breaking US sanctions, and is increasingly beefing up its anti-money laundering teams. Chairman [...]
Standard Chartered profit dives 22 per cent in the first quarter April 28, 2015 British bank Standard Chartered has said that profit before tax fell by 22 per cent in the first quarter of 2015, as it quashed speculation that it could be eyeing a move east. Pre-tax profit fell to $1.47bn (£96.2) in the first three months of the year, largely due to the performance of its corporate and [...]
Standard Chartered: Crisis has made firms over-sensitive to emerging risks April 16, 2015 Investors and businesses have over-reacted to the financial crisis, placing too much weight on emerging risks and not enough on economic opportunities, analysts at Standard Chartered said yesterday. Firms could be missing out because they see all possible risks as having enormous potential, rather than addressing them even-handedly. “While there are clearly risks today, businesses [...]
StanChart loses another top exec just weeks after board shake-up April 1, 2015 Group executive director Viswanathan Shankar resigned from his board role at Standard Chartered yesterday. The announcement of his departure comes a month after the bank revealed chief executive Peter Sands and chairman Sir John Peace were also on their way out. Shankar was also chief executive for Europe, the Middle East, Africa and the Americas, [...]
Bank of England stress test: British lenders assessed against global economic crunch March 30, 2015 Britain's biggest banks have to prove they could withstand a global economic crunch, under a stress test unveiled by the Bank of England yesterday. The fictional scenario is based on real fears that a slowdown in China and renewed recession in Europe could hit the UK economy and its banks. The six biggest banks [...]
Analysts: Bank levy could drive Standard Chartered abroad March 23, 2015 George Osborne’s major new hike in the bank levy could prompt Standard Chartered to leave the UK, analysts at JP Morgan said yesterday, as the tax puts it at a disadvantage against global rivals. Such a move – to a location such as Singapore or Hong Kong – could take two or more years and cost [...]
From Standard Chartered to Prudential: Changing the guard at banks – Bottom Line March 10, 2015 When floods of bosses quit, you should normally be worried. Think of the financial crisis, or the heads that rolled in the wake of the Libor scandal. But this time it is different, and that is surely a good sign. The Pru’s boss has unexpectedly quit, to replace Brady Dougan as the head of Credit [...]
Standard Chartered bonus bungle shows investors need to speak up March 4, 2015 Falling profits, boardroom turmoil and a declining return on equity: by any measure, Standard Chartered’s 2014 was a year to forget. So the decision of Peter Sands (whose resignation last week was met with a surge in the bank’s share price) to forgo a variable pay award for the year was necessary to avoid a [...]