Page 2 of 2

Profitable at Last

Last year, Standard Chartered recorded profit of $744 million and promised to pay its first dividend since 2015. The return on equity was 3.5 percent, which stands in stark contrast to the 8 percent target.

The bank generated a large part of its revenues and profits in emerging markets, mainly in Asia and Africa, where it has a strong network of branches to rely upon. It also has a partnership with Switzerland’s derivatives developer Leonteq, having signed an agreement for structured products recently.

Rich Pickings in Asia

Winters expects to profit from the vast Chinese infrastructure project spanning the Eastern economic power with the Western world – known as One Belt and One Road.

The increasing international appeal of the Chinese currency renminbi will provide ample opportunity for his bank to grow, a bank that aims to attract more affluent retail banking clients.

The presentation of Winters came at a sensitive time, because it faces a fine of S$6.4 million ($4.9 million) from the Monetary Authority of Singapore. The authority says that the bank shifted assets from Guernsey to Asia, prompting suspicions of tax evasion and money laundering. Winters agreed that the bank had failed in its precautions.

Reshuffle and Exit

Neil Barry, the head of compliance at Standard Chartered had been released of his duties a few days earlier. Winters said that this had nothing to do with the Singapore fine.

And lastly, Anna Marrs, the Singapore-based head of Asia, on Wednesday said she would leave the bank. The move will prompt a reshuffle that will provide wealth management head Didier von Daeniken, an ex-Credit Suisse banker, with more power.