Standard Chartered PLC has unveiled plans to double returns and dividends in thr...
HONG KONG/LONDON - Standard Chartered PLC has unveiled plans to double returns and dividends in three years by cutting $700 million in costs and boosting income, even though the bank missed its previous targets in tough market conditions.
The 150-year-old group’s latest plans coincide with a risk of a slowdown in its core emerging markets due to the China-U.S. trade war as well as economic uncertainties in China and Britain, two of its main markets. Top investors in the bank signaled a willingness to back Winters’ plan to tweak rather than completely overhaul StanChart’s strategy, despite the failure to hit previous goals.
Winters ruled out selling any of those four businesses, saying the bank would try to win more affluent customers and partner with financial technology firms to increase market share.