Standard Chartered Reports Third Quarter Loss - Wealth Management Hit

Standard Chartered reported a pre-tax loss of US$139 million in the third quarter ended September.

Commenting on the weak performance Bill Winters, Group Chief Executive, said “The business environment in our markets remains challenging and our recent performance is disappointing. Today we have announced a strategy that makes big changes to how we will manage ourselves going forward. We are positioning the Group for improved return on equity on a strengthened capital base. We will execute as quickly as possible to get through this transition phase, start delivering improved performance, and ensure our people are focused on providing value to our clients across Asia, Africa and the Middle East.”

Wealth Management income in the third quarter was US$399 million, down 9 percent year on year, or down 19 per cent compared to the prior quarter. The bank said there had been lower demand for fund and equity-linked products given recent increased equity market volatility.

Income from Private Banking Clients of US$131 million was down 15 per cent, impacted by business exits and by weaker demand for Wealth Management products mainly in Hong Kong and Singapore. Excluding business exits, income was down 9 per cent in the third quarter and down 1 per cent year to date.


Top stories from across the globe

  • The Future of Banking: Truth is Rarely Pure and Never Simple
  • Top Money Manager: «We Avoid Tesla Because of Elon Musk»
  • 1MDB and the Affected Banks: 100 Headlines
  • The Man Who Turned Down Marilyn Monroe
  • The Seven Conditions for Good Succession
  • The (Slow) Death of U.K. Investment Banks

PHOTO GALLERIES Networking Event Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with – email us on – All communication is completely confidential and strictly anonymous.