His name no longer appears on the list of research team members on Standard Chartered’s website, and messages sent to his company e-mail account were returned as invalid. In Hong Kong shares closed down by 3.5 per cent. Net profit in the third quarter at UBS rose to nearly 2.1 billion Swiss francs ($2.13 billion) from 762 million Swiss francs in the same period a year ago and vs. analyst expectations of 1.64 billion Swiss francs.
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The restructuring plan announced after a “disappointing” third-quarter loss.
Olam global has secured a $1 billion facility through joint mandated lead arrangers ANZ, BBVA, BNP Paribas, Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ, Commerzbank, Commonwealth Bank of Australia, Cooperatieve Centrale Raiffeisen-Boerenleenbank, DBS, HSBC, Intesa Sanpaolo SpA, JPMorgan, Korea Development Bank, Mizuho Bank, National Australia Bank, Natixis, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and Westpac on a club basis. He put a new management team in place the following month and analysts had been expecting the bank to seek additional capital to shore up its balance sheet.
Bill acknowledged the challenging business environment facing the bank.
“We’ve tried to achieve a very high level of capitalisation to buffer ourselves against eventualities and we think we are very well capitalised to deal with any of the challenges that could come our way”. Economic conditions in emerging markets will likely worsen further and Standard Chartered still has a few $43bn worth of loans linked to the deteriorating commodities sector. Investec upgraded Standard Chartered PLC to a hold rating and set a GBX 970 ($14.97) target price for the company in a research report on Thursday, July 9th.
His concern was that Standard Chartered was “way behind the curve” on cutting costs.
As of November 04, 2015, the consensus forecast amongst 26 polled investment analysts covering Standard Chartered had it that investors should hold their position in the company.
Growing regulatory costs and controls in the wake of the financial crisis have weighed on big lenders in the United Kingdom, USA and Australia. We are positioning the Group for improved return on equity on a strengthened capital base.
Image: Standard Chartered Bank operates a network of more than 1,200 branches and outlets across the world. He has also made it clear he wants Standard Chartered to compete on worldwide renminbi trading, which the bank believes will become a reserve currency up against the USA dollar.
Customer loans and advances were down five per cent, customer deposits down six per cent and risk weighted assets down four per cent, or $11.4 billion, as Standard Chartered exited low returning client relationships.
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Singapore’s Temasek Holdings will take up rights for 15.8 percent of the firm’s existing share capital.
