StanChart to double down on wealth business, trim retail as it lifts outlook

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Standard Chartered Notícia

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HONG KONG: Standard Chartered upgraded key performance targets as its quarterly profit topped market estimates, and said it will double down on its wealth business while slashing back retail banking in a bid to further boost returns. StanChart said its third-quarter pretax profit reached US$1.

The Standard Chartered bank logo is seen at their headquarters in London, Britain, on Jul 26, 2022. HONG KONG: Standard Chartered upgraded key performance targets as its quarterly profit topped market estimates, and said it will double down on its wealth business while slashing back retail banking in a bid to further boost returns.

The improved performance came as StanChart, like rival HSBC , continues a sweeping restructuring of its business to focus more on affluent individual customers and big cross-border businesses that are likely to yield more in fees for the bank. StanChart said it is exploring the opportunity to sell"all or part of a small number of businesses" which no longer make strategic sense.StanChart's shares rose 3.3 per cent in Hong Kong after the results, as it joined European peers in making robust progress on sustaining profits even as rates fall.

StanChart will continue to"reshape" its mass retail business to focus on future affluent and international clients, Group CEO Bill Winters said in a statement.

 

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