Standard Chartered CEO under pressure

Shell In The Sand

The position of Standard Chartered's chief executive, Peter Sands, was under ever greater pressure yesterday as a profit warning sent the FTSE 100 bank's shares to a three-year low.

The Independent reports that a source close to one non-executive director said: 'This will accelerate next year's succession' – a reference to a desire in some parts of the boardroom for Mr Sands to make an exit at or before next May's annual meeting.

A Standard Chartered spokesman denied any such plan existed. The emerging markets lender said its first-half profits would be 20% down, hitting earnings for the full-year, because of tougher regulations and low market volatility in its trading business.

The bank also said the head of its financial markets business, Lenny Feder, will take a year's sabbatical 'for personal family reasons'. He is the third top executive to leave in recent months, including the finance director Richard Meddings.

To access the complete Independent article hit the link below:

Profit warning ups job threat to boss of Standard Chartered

Barclays and Standard Chartered shares dive in double blow for UK banking sector

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