LONDON—Standard Chartered forecast flat income for the full year amid “uneven” economic recovery from the pandemic, even as it turned in a stronger-than-expected quarterly pre-tax profit, sending its shares lower on Tuesday. CEO Bill Winters, who has won plaudits from investors for repairing the balance sheet and slashing thousands of jobs since taking the top job in 2015, has been under pressure in recent years to boost growth and shore up the bank’s shares. Under the former JPMorgan banker, the Asia-focused StanChart has built a portfolio of digital banking platforms and invested heavily in technology, but its shares have still underperformed its peers. Ahead of the results, shares of the emerging-markets lender had risen just 8 percent this year in London, versus an 18 percent rise for larger rival HSBC and a 37 percent surge for Barclays. On Tuesday, StanChart shares fell 5 percent in early trade. “The economic recovery …
StanChart Flags Flat Annual Income Despite Strong Q3 Profit; Shares Drop
November 2, 2021
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