Standard Chartered - 'Trading conditions remain challenging'

Standard Chartered Shanghai Towers

Standard Chartered missed analysts’ first-quarter profit estimates, with all but one division reporting lower earnings in the period.

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'.

To access the complete Bloomberg News article hit the link below

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