Standard Chartered to double spending on wealth arm as outlook hiked again

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Standard Chartered has pledged to double investment in its fast-growing wealth management business as the bank raised its outlook after a forecast-beating third quarter. Bill Winters, group chief executive of Stan Chart, vowed to double investment in its wealth arm to around 1.5 billion dollars over five years, ramping up spending on relationship managers and investment advisers. Mr Winters said: “We are doubling investment in our consistently fast-growing and high-returning wealth management business, and we will continue to reshape our mass retail business to focus on developing our pipeline of future affluent and international banking clients. “These actions will further simplify our business and help us to generate higher quality growth.” Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Stan Chart’s results shows “banks keep delivering” after rival HSBC also beat expectations on Tuesday.