By Tapan Panchal
LONDON-- Standard Chartered PLC on Thursday issued a stern
rebuttal of media reports that it had started succession planning
for its Chief Executive Peter Sands and Chairman John Peace amid
pressure from investors.
"The board wants to be absolutely clear that it is united in its
support of both Peter Sands and Sir John Peace, and the management
team, in delivering the refreshed strategy, restoring the bank to
profitable growth and delivering returns for our shareholders," the
London-listed bank said.
The Asia-focused lender added that "robust and considered
succession plans" are in place for all its senior leaders and that
it regularly discussed the issue with its shareholders.
Media reports in the U.K. have suggested the bank is under
pressure from investors because of its recent weak performance.
Late last month the bank warned investors that operating profit
will fall sharply this year, as its financial-markets business took
a big hit in the first half from squeezed margins at its currency-
and interest-rate-trading operations.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
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