Standard Chartered's CEO, Bill Winters, has announced that the bank is planning to cut 1,000 senior staff in a drastic bid to turn around its performance. He also stated that the bank will sell off assets and under-performing parts of the business. Analysts have called this a positive move with shares soaring just over 5%, following the announcement. Standard Chartered's focus on emerging markets is now a source of major concern, following the slowdown in China and slump in commodity markets. There are also fears, which we have previously highlighted, of the bank racking up huge losses from $219m of commodities loans, which includes the struggling commodities trader, Glencore.
Standard Chartered's CEO, Bill Winters, has announced that the bank is planning to cut 1,000 senior staff in a drastic bid to turn around its performance. He also stated that the bank will sell off assets and under-performing parts of the business. Analysts have called this a positive move with shares soaring just over 5%, following the announcement. Standard Chartered's focus on emerging markets is now a source of major concern, following the slowdown in China and slump in commodity markets. There are also fears, which we have previously highlighted, of the bank racking up huge losses from billions of pounds of commodities loans, which includes the struggling commodities trader, Glencore.