STANCHART BANK REPORTS LOUSY SET OF EARNING RESULTS

Standard Chartered has announced a 16% fall in operating profit because of a restructuring of its South Korean business and an increase in bad loans.

The Asia-focused lender said pre-tax profits fell to $1.5bn (£930m) in the July-to-September quarter compared to the same period a year ago.

Standard Chartered also warned full-year earnings would fall because of weak trading activity.

http://www.bbc.com/news/business-29797961

FT reports that some of the major shareholders have been pressing for the CEO to be sacked if things don’t improve soon. It also reports that Temasek is “pressing for a clear plan of succession”.

Check Also

Experts: Gov ‘Extremely Intelligent’ in Handling Covid-19, We Just Have to Get Used to It

It's easy for ministers and experts to say as they are not the ones who pay the price!