StanChart CEO to shift power to regional hubs like Singapore, FT says

Standard Chartered chief executive officer Bill Winters, who assumed his post on June 10.
Standard Chartered chief executive officer Bill Winters, who assumed his post on June 10. PHOTO: BLOOMBERG

HONG KONG (Bloomberg) - Standard Chartered chief executive officer Bill Winters is planning to shift capital to regional hubs in an overhaul aimed at reviving the bank and meeting new regulatory demands, the Financial Times reported.

Winters, who assumed his post on June 10, is expected to give more power to some subsidiaries in markets such as Hong Kong, Singapore, India, the United Arab Emirates and Africa, the FT said, citing people familiar with the situation.

In a letter to staff members on his first day on the job, the new chief pledged to review the UK-based lender's business and capital strength as he seeks to reverse two years of declining earnings. Analysts and investors are betting on a capital raising of £5 billion (S$10.55 billion) to £10 billion, the FT said.

"Bill set out a number of areas he is looking at, alongside the board, in his recent open letter to staff," Gabriel Kwan, a Hong Kong-based spokeswoman for Standard Chartered, wrote in an e-mail. "We will report back on these areas at the appropriate time."

Mr Winters, a former co-CEO of JPMorgan Chase & Co.'s investment bank, aims to announce his strategic plan for the company around the end of the year, according to the FT.

The bank's shares in Hong Kong gained 7.3 per cent through Wednesday since Mr Winters started his job, while its UK stock added 3.1 per cent. Standard Chartered dropped 1.1 per cent as of 9:43 a.m. Thursday in Hong Kong.