Tough time: HSBC and StanChart buildings stand in Hong Kong. StanChart expects income, which grew 3% in the first-half, to be lower in the second half as trading activity slows in its financial markets division while interest rates remain low. — Bloomberg
HONG KONG: Standard Chartered PLC (StanChart) posted a 33% fall in first-half profit after credit impairment charges jumped six-fold as a result of the coronavirus pandemic and economic downturn, and it struck a cautious note for rest of the year.
Indicating cuts in headcount at the bank to further reduce costs, StanChart said it was accelerating some elements of existing projects aimed at creating a leaner organisation as well as developing some new expense reduction initiatives.
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