HONG KONG: Standard Chartered Plc said operating profit for the third quarter fell 16%, hurt by rising costs from the restructuring of its South Korean business and a doubling of impaired loans.
The Asia-focused bank also said it will target a further US$400mil in cost reductions for 2015, as it reshapes itself to combat a downturn in emerging markets which had previously been a tremendous engine of growth – driving it to 10 straight years of record profits before 2013.
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