(Feb 24): Standard Chartered Plc (StanChart) announced a fresh US$1.5 billion share buyback as it reported weaker-than-estimated fourth-quarter earnings, weeks after its share price was hit by the surprise departure of its chief financial officer.
The lender reported US$1.24 billion in adjusted pretax profit for the final three months of last year, falling short of the US$1.38 billion Bloomberg-compiled consensus estimate. The performance was driven by the lender’s wealth and global banking division, offset by lower trading income.
“We are seeing robust growth in our larger markets, and structural shifts in global trade and investment play to our distinctive strengths serving our clients’ cross-border and affluent banking needs,” chief executive officer Bill Winters said in a statement.
After surging more than 80% in 2025, often scaling new highs, the rally in Standard Chartered shares fizzled this month after the bank shocked investors on Feb 10 with the news that its CFO, Diego De Giorgi, was leaving with immediate effect to join Apollo Global Management Inc.
De Giorgi had only been with the bank for two years, but during that period, he’d developed a reputation as an effective operator spearheading its “Fit for Growth” efficiency programme that’s involved several hundred initiatives across the company aimed at saving anything from hundreds of thousands to tens of millions of dollars.
That saw him become the front-runner inside the bank to replace Winters, who’ll this year mark his eleventh year as CEO. The stock tumbled almost 10% in the days after the announcement of De Giorgi’s departure before recouping some of those losses since.
See also: Walmart offers cautious profit guide on trade, labour worries
“Fit for Growth” is now in its final year of delivery and Winters is expected to give a fuller update on the next phase of his strategy for the bank at an investor event later this year.
Uploaded by Evelyn Chan
