Standard Chartered appoints new finance chief as Andy Halford steps down after a decade August 31, 2023 Standard Chartered finance chief Andy Halford has announced he will step down having served for nearly a decade in the role. Halford, who has been at the bank since 2014, will be replaced by Diego de Giorgi, most recently co-CEO of Pegasus Europe, Europe’s largest-ever special purpose acquisition company (SPAC). Prior to his role at [...]
Standard Chartered announces $1bn buyback scheme after profits soar on rising rates July 28, 2023 Standard Chartered announced a further $1bn (£780m) share buyback after recording better than expected results in the second quarter on the back of rising interest rates. Pretax profit at the bank climbed 18 per cent to $1.5bn, higher than the $1.4bn predicted by analysts. This came thanks to a 29 per cent increase in net [...]
Standard Chartered sells up in sub-Saharan African and turns to faster-growing markets like Saudi and Egypt July 14, 2023 Standard Chartered announced today that it would sell its subsidiaries in sub-Saharan Africa to Nigeria-based Access Bank. The bank will sell its stake in subsidiaries in Angola, Cameroon, Gambia and Sierra Leona as well as its consumer, private & business bank in Tanzania to Access Bank. “Access Bank will provide a full range of banking [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
Standard Chartered to cut around 100 jobs worldwide as bank seeks to cut costs by $1bn – reports June 8, 2023 Standard Chartered is laying off employees across Singapore, Hong Kong and London following a series of cuts across the sector in recent months. According to Bloomberg News, the bank could cut over 100 employees although it is yet to determine a final number. In Asia, roles have been cut in middle-office functions, like human resources [...]
Natwest profits soar but customers withdraw £1bn as cost of living and tax bills bite April 28, 2023 Natwest has beaten profit expectations during the first three months of this year. Natwest Group, which includes Royal Bank of Scotland and Ulster Bank, recorded a pretax profit of £1.8bn in the three months ending 31 March. The total comes in ahead of analysts’ expectations of £1.6bn for the quarter and ahead of the £1.2bn during [...]
FTSE 100 close: Persimmon and Standard Chartered peg losses on London index April 26, 2023 London’s FTSE 100 skidded lower today despite a decent batch of results pumping up banks and house builders. The capital’s premier index lost 0.49 per cent to close at 7,852.63 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.04 per cent lower to [...]
Standard Chartered profit rises 21 per cent but confirms “no contact” with suitor First Abu Dhabi Bank April 26, 2023 Standard Chartered beat expectations in the first quarter as rising interest rates once again boosted the bank but it confirmed there had been not contact with First Abu Dhabi Bank. The emerging markets-focused lender reported a pretax profit of $1.8bn, rising 25 per cent year on year and beating market expectations of a $1.4bn profit. [...]
‘We can rely on markets’ Standard Chartered’s Bill Winters implores use of effective carbon market to combat climate crisis April 24, 2023 Standard Chartered’s chief executive Bill Winters called for more action on the carbon credits market saying he was “frustrated” work had not yet been finished despite the urgency of the task. Speaking at the City Week conference, Winters, who chairs a private sector-led initiative working to scale the voluntary carbon market, argued that governments around [...]
Standard Chartered, Barclays, Natwest kick off UK bank earnings this week with interest income back in focus April 24, 2023 Profit looks set to increase at the UK’s largest lenders as they line up to report first quarter earnings over the coming two weeks. The FTSE banking giants have seen relative stability over the last few weeks following the extreme volatility in March, but this stability means investors will refocus their attention on other major [...]