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.

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