Standard Chartered to trim branch network in 2015
BBR Staff Writer
Posted 13 Nov 2014
British international financial and financial services company Criterion Chartered is apparently intending to close down as much as ONE HUNDRED branches in Asia, Africa as well as the Center East, in 2015.
The Asia-focused banking plans to reduce around 8 % of its international network of more than 1,200 branches to create yearly cost savings of $400m, that can help improve its profitability.Standard Chartered is under tension this year to boost performance following 3 profit cautions combined with a 30 % dive in its shares, as reported by Reuters.Standard Chartered finance supervisor Andy Halford stated:”We identify our recent performance has been disappointing and also are identified to acquire back on to a trajectory of sustainable, lucrative development, supplying returns above our expense of capital.”We understand and also are reacting to the challenges we are encountering. You will see more development in 2015.
“In October, the lender reported a 16 % decline in 3rd quarter operating revenue as compared to 2013
, as well as connected the be up to business restructuring as well as a rise in bad financings, especially in Asia, as stated by BBC News.Earlier this year, the financial institution likewise reached an arrangement with the US regulatory authorities to pay$300m for failing to improve its money washing controls that wased initially recognized in 2012.