Wednesday preview: Standard Chartered reports full-year results amid CEO departure
Standard Chartered is expected to report a decline in full-year earnings, reflecting an increase in impairments.
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Consensus forecasts point to $5.73bn of adjusted pre-tax profit, down from $6.95bn the previous year.
Numis said it predicts total impairments of $2.07bn, up from $1.6bn in 2013. The broker said the financial services group’s results are also likely to reflect the impact of the slump in oil prices, as energy loans account for 5% of total group loans.
The results follow news last week that chief executive officer (CEO) Peter Sands is stepping down in June following a campaign by shareholders and some executives who had blamed the bank’s leadership. Former J.P. Morgan Chase & Co. executive Bill Winters will replace Sands.
“We are not of a view that replacing the current CEO, Peter Sands would be right for Standard Chartered; however at the very least we would expect a comment alongside the 2014 results,” Numis said.
On Monday, Sky News reported that Standard Chartered will shrink its bonus pool for 2014 about 9% to £715m. Sands last year cut bonuses by 15% after profits fell 11%.
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