Under a new management structure to be phased in from Oct. 1, the heads of major business units will report directly to Winters rather than his deputy, Mike Rees, StanChart said on Sunday. "The group needs to kick-start performance, reduce its cost base and bureaucracy ... and speed up decision making," Winters said in a statement. (A Reuters file pic shows a man walking past the head office of Standard Chartered bank in the City of London )
LONDON: Standard Chartered Plc’s return to its roots as a trade bank is bearing fruit.
Transaction banking revenue climbed the most in more than three years, rising 10% to US$785mil, amid increased Asian trade volumes and rising global interest rates, the London-based company said in a statement yesterday. That helped overall revenue increase from a year earlier for the second straight quarter, following two years of declines.
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