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News Breaks
January 9, 2014
07:32 EDTSCBFFStandard Chartered announces reorganization, executive departures
Standard Chartered announced the reorganization of its Wholesale Banking and Consumer Banking businesses, and the appointment of Mike Rees as Deputy Group Chief Executive. The Groupís two businesses, Wholesale Banking and Consumer Banking, will be integrated to form one business, organized into three customer segment groups and serviced by five global product groups. Mike Rees will take responsibility for this combined business, and will continue to report to Peter Sands, Group Chief Executive. Both Mikeís appointment as Deputy Group Chief Executive and the reorganisation will take effect on April 1. In addition, the Group announces that Steve Bertamini and Richard Meddings will be stepping down from the Board and leaving the Group later this year. Steve Bertamini, Group Executive Director and CEO Consumer Banking, will step down from the Board at the end of March. Richard Meddings, Group Executive Director and Group Finance Director, will step down from the Board by the end of June. The roles of CEO Consumer Banking and CEO Wholesale Banking will cease to exist under the new structure. The Group will announce its FY13 results on March 5 with financial data based on the current Group structure. Prior to the Half Year results in August, the Group will restate its 2013 financials according to the reorganization, the Group said.
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March 25, 2015
07:30 EDTSCBFFStandard Chartered dividend cut looks likely, WSJ says
Shares of Standard Chartered have rallied 20% since the bank replaced its CEO last month, but incoming CEO Bill Winters still has to detail how the bank will bolster its balance sheet. A significant cut to the dividend is "certainly needed," and a rights issue and higher provisions against nonperforming loans will look "tempting" to Winters when he takes over this summer, according to The Wall Street Journal's "Heard on the Street" column. Reference Link
March 20, 2015
05:57 EDTSCBFFStandard Chartered investors want bank to leave London, Financial Times says
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March 16, 2015
09:37 EDTSCBFFStandard Chartered management to meet with JPMorgan
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