The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Cooper points Standard Chartered in the right direction

When Bill Winters wanted someone to revamp Standard Chartered’s beleaguered commercial and investment banking unit, he turned to HSBC veteran Simon Cooper. The key to Cooper’s success will be whether he can make the good remaining pieces work as a whole.

300x500main250x400 mainimageCooperStandard

Illustration: Paul Daviz

Standard Chartered is ready to talk. After several years of pain, impairments, write-offs, losses and change everywhere from the chairman and CEO to the troops in the trenches, executives believe the worst is over. It is an attitude that extends to the bank’s commercial and investment banking unit – its biggest division and the heart of the problems the bank has faced. They are talking of the positives again, of a peerless emerging markets footprint, but of using it in a wholly different way.

Perhaps it was the first-quarter results, released on April 6, that relaxed the bank’s management enough to open up. After several years of bad news, starting with a fine for breaching US sanctions in 2012 and culminating in 2015’s first full-year loss since 1989 and a doubling of non-performing loans in a little over a year, the interim numbers for the first three months of 2017 showed progress. 

Income was up 8% year on year, loan impairments down 58% and pre-tax profits up 94%, although prior year losses on the principal finance business distorted that somewhat.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree