Standard Chartered swings to $2.36b net loss in 2015

AFP, HONG KONG: Asia-focused bank Standard Chartered said yesterday it swung to a $2.36 billion net loss in 2015 against a backdrop of global market volatility, restructuring costs and bad loans.
Chairman John Peace described the performance as "poor" in what he called a watershed year, which saw the company announce it would axe 15,000 jobs under new CEO Bill Winters.
Pre-tax profits plunged 84 percent to $834 million in 2015, well short of the estimates by 20 analysts polled by Bloomberg, who forecast $1.37 billion.
The bank's underlying loan impairment soared 87 percent to $4.0 billion.
It said the bad loans were driven by "falling commodity prices and deterioration in financial markets in India".
Like many global banks, Standard Chartered is combating turmoil in global financial markets that has seen stocks and commodities plunge.
"While our 2015 financial results were poor, they are set against a backdrop of continuing geo-political and economic headwinds and volatility across many of our markets as well as the effects of deliberate management actions," said Peace in a statement.

Standard Chartered swings to $2.36b net loss in 2015

AFP, HONG KONG: Asia-focused bank Standard Chartered said yesterday it swung to a $2.36 billion net loss in 2015 against a backdrop of global market volatility, restructuring costs and bad loans. Chairman John Peace described the performance as poor in what he called a watershed year, which saw the company announce it would axe 15,000 jobs under new CEO Bill Winters. Pre-tax profits plunged 84 percent to $834 million in 2015, well short of the estimates by 20 analysts polled by Bloomberg, who forecast $1.37 billion. The banks underlying loan impairment soared 87 percent to $4.0 billion. It said the bad loans were driven by falling commodity prices and deterioration in financial markets in India. Like many global banks, Standard Chartered is combating turmoil in global financial markets that has seen stocks and commodities plunge. While our 2015 financial results were poor, they are set against a backdrop of continuing geo-political and economic headwinds and volatility across many of our markets as well as the effects of deliberate management actions, said Peace in a statement.