Bloomberg News reports that the shares fell 2.4 percent to HK$128.10 as of 10:36 a.m. in Hong Kong on Wednesday after a 5.5% decline on Tuesday. They are heading for the lowest close since May 2009.
'It may simply be time for Peter Sands to seek employment opportunities elsewhere,' said David Fergusson, chief investment officer of Singapore-based Woodside Holdings Investment Management Pte, who owns the stock. 'The 0.8 price-to-book ratio clearly shows that the capital markets have lost patience with the management team. That should be a wake-up call for even the most somnolent of chairmen.'
The bank posted a 16 percent drop in third-quarter pretax profit to $1.53 billion from a year ago as impairments for bad loans almost doubled and regulatory and compliance costs increased. Underlying profit for the second half will decline from a year earlier, the bank said in a statement on Tuesday.
Sands, 52, the longest-serving head of any major European bank, is targeting about $400 million of cost savings in 2015 as he tries to steer the bank through falling commodity prices and a faltering economic expansion across Asia, where the bank makes about three-quarters of its earnings.
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