Standard Chartered boss pledges to eliminate 'waste and excess'

Standard Chartered Shanghai Towers at night

Standard Chartered CEO Bill Winters, on his first day in the job, pledged to eliminate 'waste and excess' at the bank, while boosting capital.

'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.

To access the complete Bloomberg News article hit the link below:

Standard Chartered’s New CEO Pledges to Tackle Capital, Returns

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