Bloomberg News reports that Pretax profit fell to $1.5bn from $1.9bn in the year-earlier period, the lender said in a statement on Tuesday, when providing its first quarterly breakdown for the period. That’s below the $1.6bn average estimate of four analysts in a Bloomberg survey.
Standard Chartered hired Bill Winters, 53, a former co-head of JPMorgan’s investment bank, to take over as Chief Executive Officer in June after Peter Sands struggled to reverse two years of declining earnings and a slump in shares.
'Trading conditions remain challenging and the actions we are taking to de-risk, cut costs and build capital are having an impact on near-term performance', Sands, 53, said in his final earnings statement before stepping down next month. 'However, underlying business volumes generally remain strong'.
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