Standard Chartered Drops After First Annual Loss Since 1989
- 8 years ago
Bill Winters took more "painful" steps to turn around Standard Chartered Plc as the bank posted its first annual loss since 1989.
The Asia-focused lender reported a pretax loss of $1.5 billion in 2015, down from profit of $4.2 billion a year earlier, as revenue missed estimates and loan impairments almost doubled to the highest in the bank's history.
Winters, 54, is attempting to unwind the damage caused by predecessor Peter Sands' revenue-led expansion across emerging markets, which left the bank riddled with bad loans when the commodity market crashed and growth stalled from China to India.
The bank expects to restart paying a dividend this year after canceling the payout in the second half of 2015 to save money, Benjamin Hung, regional CEO for Greater China and North Asia, said at briefing with reporters in Hong Kong.
The Asia-focused lender reported a pretax loss of $1.5 billion in 2015, down from profit of $4.2 billion a year earlier, as revenue missed estimates and loan impairments almost doubled to the highest in the bank's history.
Winters, 54, is attempting to unwind the damage caused by predecessor Peter Sands' revenue-led expansion across emerging markets, which left the bank riddled with bad loans when the commodity market crashed and growth stalled from China to India.
The bank expects to restart paying a dividend this year after canceling the payout in the second half of 2015 to save money, Benjamin Hung, regional CEO for Greater China and North Asia, said at briefing with reporters in Hong Kong.