More pressure on Standard Chartered CEO

Shell In The Sand

Standard Chartered Chief Executive Officer Peter Sands, facing reports of disgruntled investors, is set to post the bank’s second straight drop in first-half profit Wednesday.

Bloomberg News reports that the bank, which makes about three-quarters of its earnings in Asia, may report first-half adjusted pretax profit of about $3.3bn, down 20% from $4.1bn a year earlier, based on the average of 11 estimates in a Bloomberg survey.

The bank flagged the profit drop on June 26 as Sands called the first half “disappointing,” sending the shares sliding.

Sands, 52, the longest-serving CEO of any major European bank, is under pressure to show he can steer Standard Chartered through slowing economic growth in Asia after more than a decade of expansion. The Financial Times said last month that some investors had called for his ouster, prompting Standard Chartered’s board to say it was united in its support of Sands.

To access the complete Bloomberg News article hit the link below:

Standard Chartered CEO Faces ‘Pivotal’ Test as Profit Declines

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