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Standard Chartered shares slide 12% as China losses hit earnings

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Standard Chartered CFO Andy Halford said the bank was going to stick with China despite the country’s economic woes.

Shares of the Asia-focused bank tanked as much as 17% in early deals, sparking a temporary halt in trade, Reuters reported. The stock was 11.7% lower by 10:15 a.m. London time.

Shares of the Asia-focused bank tanked as much as 17% in early deals, sparking a temporary halt in trade, Reuters reported. The stock was 11.7% lower by 10:15 a.m. London time. Standard Bank Chief Financial Officer Andy Halford on Thursday told CNBC's"Squawk Box Europe" that the"overall performance of the bank is very strong," despite the China news.Halford noted that China's commercial real estate sector"clearly has been problematic," but said that GDP in the country is forecast to bounce back around 5% within the next two to three years.

"China remains both a blessing and a curse for Standard, with the country's faltering economic recovery weighing heavily on these results," he said.

 

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Standard Chartered shares slide 12% as China losses hit earningsStandard Chartered CFO Andy Halford said the bank was going to stick with China despite the country's economic woes.
Source: CNBC - 🏆 12. / 72 Read more »