LONDON - Standard Chartered Chief Executive Officer Bill Winters bought £1 million of shares in the bank, a week after seeking US$5.1 billion from investors and unveiling his revised strategy for the Asia- focused lender.
Winters, 54, acquired 168,000 shares at 599 pence each, increasing the number he owns to 229,035, according to a statement on Friday.
He'll also spend another 300,000 pounds buying shares in the rights offering, the company said.
Chairman John Peace bought £295,600 of stock and four other executives also purchased shares.
"Last week we outlined our strategy to create a lean, focused and strongly capitalized bank that is positioned for long-term and sustainable growth," Winters said in an e-mail. "For me personally, I think this is a great investment and further aligns me with our shareholders."
Winters, 54, is seeking to reverse some of his predecessor Peter Sands's revenue-focused expansion across emerging markets, which left the bank saddled with bad loans when commodity prices slumped and economies from China to India cooled.
On Nov. 3 the bank announced 15,000 job losses to help save US$2.9 billion by 2018, scrapped its dividend and said it would restructure or exit US$100 billion of assets after an unexpected third-quarter loss. Standard Chartered was little changed at 581.8 pence at 10:24 a.m. in London, less than the price Winters bought stock at.
The stock has slumped 40 percent this year giving the company a market value of £14.8 billion.