Britain's Standard Chartered bank says CEO to depart

26th February 2015, Comments 0 comments

The chief executive of Asia-focused bank Standard Chartered will step down in June, the company said Thursday, following poor results, job cuts and fines for failing to detect possible money-laundering.

"Peter Sands will stand down from the Board and as Group Chief Executive in June 2015," the British bank said in a statement, adding that he would be replaced by former JP Morgan co-CEO Bill Winters.

The bank's chairman John Peace praised Sands, who became the group's chief executive in 2006, saying that he had presided "over a period of huge change and challenge for the entire industry".

The bank, which focuses on emerging markets, was under pressure from shareholders and the move was welcomed on the London stock exchange where its shares jumped 1.36 percent to 938.90 pence at 0900 GMT.

Standard Chartered last month said it would close a swathe of its global equities business and axe 2,000 jobs around the world this year as it tries to make savings of $400 million (352 million euros) as part of a structural overhaul.

Standard Chartered, which makes 90 percent of its profits in Asia, the Middle East and Africa, saw its net earnings fall 16 percent for 2013 as it faced increased competition in Asia and troubles turning around its South Korean unit.

In August US regulators hit it with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

© 2015 AFP

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