'We are reviewing all aspects of our capital strength', Winters said in a letter to staff obtained by Bloomberg News. A spokesman confirmed the contents of the letter. 'We need to reinforce our foundations, streamline our business, strengthen our financial position and re-orient the bank for better returns on our capital'.
Bloomberg reports that Winters, 53, a former co-CEO of JPMorgan’s investment bank, took over after Peter Sands, who ran the bank for more than eight years, failed to reverse two years of declining earnings and a slump in shares.
Under Sands, Standard Chartered had ruled out a capital increase, instead focusing on $400m in cost cuts as well as asset sales.
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