Standard Chartered boss stays through job losses, branch closures

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The under-fire CEO of Standard Chartered has committed to staying at the bank through a round of job losses and branch closures intended to improve profits.

The Daily Telegraph reports that Peter Sands said the bank would cut $400m in costs next year and that shareholders would see 'tangible progress' after two years of falling profits.

Standard Chartered’s share price has fallen by 30% this year amid three profit warnings in the past 12 months, and the chief executive’s three-day investor trip in Asia this week comes at the most difficult period in his eight years in charge of the bank.

Shareholders have privately questioned the future of senior management, but Mr Sands said his position and that of chairman John Peace “was not a focus of discussion” during meetings.

'I am committed to being at the bank and executing the operation', he said. 'I’ve come out of these last few days thinking we’ve had very good discussions with shareholders'.

To access the complete Daily Telegraph article hit the link below:

Standard Chartered chief: I'm not going anywhere

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