Standard Chartered Announces Major Overhaul and Shareholder Returns Amid Profit Rise
The Asia-focused bank unveils a $1 billion buyback and cost-cutting plans as CEO Bill Winters addresses the 'crap' share price and commits to improving shareholder value.
- Standard Chartered CEO Bill Winters admits the bank's share price is 'crap' and unveils a major overhaul including a $1 billion share buyback and a $1.5 billion cost-cutting plan.
- The bank reports an 18% increase in annual profit, with pre-tax profits rising to $5.09 billion, in line with forecasts.
- Despite challenges, including a significant impairment from its stake in Chinese lender Bohai Bank, the bank commits to returning at least $5 billion to shareholders over the next three years.
- CEO Bill Winters' pay package increases to £7.8 million after the bank's profit jump, amidst plans to improve operational leverage and shareholder returns.
- Standard Chartered aims to grow income 5-7% between 2024 and 2026 and increase return on tangible equity from the current 10% to 12% by 2026.
South China Morning Post 
The Telegraph 
The Guardian 
Evening Standard 
Benzinga 
CNA 
