Standard Chartered's top 500 bankers gather in Singapore this week for their annual strategy huddle with an unusual degree of uncertainty swirling around the former stock market darling.
Reuters reports that the departure of two top lieutenants and a surprise reorganisation have deepened concern about the Asia-focused lender's ability to restore its double-digit growth rates and avoid tapping investors for more capital.
CEO Peter Sands said last week a plan to merge the bank's consumer and wholesale (or business lending) units was about removing duplication and delivering better returns for shareholders.
But he put no figure on how much StanChart would save from the restructuring or quantify the potential revenue gain.
The lack of detail, coupled with the surprise announcement that Richard Meddings, the group's well-respected finance director and hitherto Sands' heir apparent, was leaving, along with Steve Bertamini, head of consumer banking, helped send its shares down to their lowest in a year and a half.
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image: © Standard Chartered