European banking correspondent
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Feb 26, 2015

How Sands fell from grace at Standard Chartered

LONDON/HONG KONG, Feb 26 (Reuters) – In summer 2012 Peter
Sands was flying high as Standard Chartered Chief
Executive, batting back questions on whether he was tempted to
run Barclays or even the Bank of England.

Praised for steering a safe path through the financial
crisis, the former McKinsey consultant had just delivered bumper
half-year earnings to set his Asia-focused bank on course for a
10th straight year of record profits.

Feb 26, 2015

StanChart picks ex-JPMorgan exec Winters as CEO in major overhaul

LONDON/HONG KONG (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) said former JPMorgan (JPM.N: Quote, Profile, Research) investment bank boss Bill Winters will take over as chief executive in June, replacing Peter Sands in a major management overhaul following two years of problems.

Investors had been pushing for a change at the helm of the Asia-focused bank citing strategic, governance and operational mistakes, and saying Sands had been slow to address troubles including a U.S. fine for breaking sanctions to losses on commodities loans.

Feb 26, 2015

Standard Chartered picks ex-JPMorgan executive Winters as CEO to replace Sands

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) said former JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) investment bank boss Bill Winters will take over as chief executive in June to replace Peter Sands, after investors demanded change at the helm following two years of problems.

Asia-focused bank Standard Chartered said on Thursday Chairman John Peace will also leave next year, and named other changes to its board in a massive overhaul in management following problems ranging from a U.S. fine for breaking sanctions to a jump in losses from commodities loans.

Feb 26, 2015

StanChart picks ex-JPMorgan exec Winters as CEO to replace Sands

LONDON, Feb 26 (Reuters) – Standard Chartered said
former JPMorgan investment bank boss Bill Winters will
take over as chief executive in June to replace Peter Sands,
after investors demanded change at the helm following two years
of problems.

Asia-focused bank Standard Chartered said on Thursday
Chairman John Peace will also leave next year, and named other
changes to its board in a massive overhaul in management
following problems ranging from a U.S. fine for breaking
sanctions to a jump in losses from commodities loans.

Feb 25, 2015

HSBC bosses reject calls to quit after “terrible list” of problems

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) bosses rejected calls from British lawmakers for them to quit over the bank’s Swiss tax scandal, but said they were having to clean up after a “terrible list” of control and compliance failings.

HSBC Chairman Douglas Flint and Chief Executive Stuart Gulliver told a panel of UK lawmakers they shared collective responsibility for failings at HSBC’s Swiss bank that allowed clients to dodge taxes.

Feb 25, 2015

HSBC says more clean up work to do after ‘terrible’ list of problems

LONDON (Reuters) – HSBC is more than halfway through a series of major reforms and still has more to do to guarantee the bank does not add to a “terrible list” of failures, its chairman said on Wednesday.

Europe’s biggest bank has admitted failings in compliance and controls in its Swiss private bank after media reports said it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.

Feb 23, 2015

HSBC “problem” spots Brazil, Mexico, U.S. and Turkey have 1-2 yrs to prove worth- CEO

LONDON, Feb 23 (Reuters) – HSBC has given its four
problem businesses in Brazil, Mexico, Turkey and the United
States as little as one year to prove their worth before “more
extreme” turnaround solutions are proposed, its CEO said on
Monday.

Chief Executive Stuart Gulliver told analysts he would
consider disposals to simplify the bank and improve returns,
although he declined to say if any of the four big trouble
countries could be sold.

Feb 23, 2015

HSBC says Swiss scandal has brought “shame” on bank

LONDON, Feb 23 (Reuters) – HSBC reported a
deeper-than-expected 17 percent slide in annual pretax profit
and cut its earnings target, saying allegations its Swiss
business had helped customers to dodge taxes had brought shame
on the bank.

Earnings from Europe’s biggest lender on Monday reflected
the cost of past misconduct and protecting itself against the
impact of further scandals. HSBC said allegations about its
Swiss operations had badly damaged its image.

Feb 23, 2015

HSBC says deeply regrets Swiss bank failings

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) reported a deeper-than-expected 17 percent slide in annual pretax profit and cut its earnings target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank.

Earnings from Europe’s biggest lender on Monday reflected the cost of past misconduct and protecting itself against the impact of further scandals. HSBC said allegations about its Swiss operations had badly damaged its image.

Feb 20, 2015

HSBC Swiss tax scrutiny set to overshadow $21 billion profit

LONDON (Reuters) – When HSBC’s marketing team began drawing up plans for next month’s 150th anniversary celebrations, they weren’t expecting top managers to spend the run-up to the event apologizing to investors and lawmakers.

Yet allegations that HSBC’s Swiss private bank helped clients dodge taxes will cast a shadow over its anniversary plans in the first week of March and over its annual results this Monday. Its bosses will also be grilled on the issue by members of the UK parliament on Wednesday.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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