The Business Times

StanChart staff brace for big change under new chief

Bill Winters will need to take tough decisions to reverse 2-year slump in bank's fortunes, say insiders

Published Mon, Mar 2, 2015 · 09:50 PM

Hong Kong

INCOMING Standard Chartered chief executive Bill Winters will need to take tough decisions that predecessor Peter Sands deemed unnecessary, in order to reverse a two-year slump in the bank's fortunes, according to some insiders and bankers.

In a major boardroom reshuffle that signalled the end of an era at the Asia-focused bank, Standard Chartered said on Thursday that Mr Winters would take over in June, initially prompting a giddy reaction among investors, analysts and some staff.

The lender's shares have risen nearly 10 per cent in the last two days.

Mr Winters faces challenges including cleaning up the bank's books following a spike in bad loans, raising at least US$4 billion in capital, trimming costs further in an underperforming retail division and improving investment banking performance. "There's a mood of borderline euphoria and …

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