Standard Chartered said urged to plan for life beyond CEO

Standard Chartered Shanghai Towers

Standard Chartered is being urged to plan for life beyond Peter Sands after a strategy update last month failed to restore confidence in the chief executive among some investors.

Reuters reports that after eight years, Sands is one of the longest serving CEOs at a major global bank. But a series of problems in the last two years and a rise in bad debts have raised questions about his ability to steer the bank through a low growth era.

The bank will be in the regulatory spotlight for at least three more years after U.S. prosecutors on Tuesday extended a period of scrutiny to 2017, following sanction breaches for which it was first punished in 2012.

Three of the bank's biggest 30 shareholders told Reuters Sands should be replaced, probably next year. Two more top 30 investors said they were unhappy with its governance and wanted changes, although they did not say Sands had to go.

Hit the link below to access the complete Reuters article:

Investors call for Standard Chartered to plan for life after Sands

UK court reserves judgement in Citi, Mercuria's Chinese metals dispute

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News