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Standard Chartered suffers senior private banker exits in Asia amid growing earnings pressure
FirstpostStandard Chartered is bulking up for a bigger share of the Middle East market at a time when others are also expanding to tap the growing client base. Hong Kong: Standard Chartered PLC has seen the departure of at least four senior Asia-based bankers from its private banking unit in recent months, three people with direct knowledge of the matter said, amid growing earnings pressure at the business. StanChart’s private banking business unit provides services to wealthy individuals across Asia, Africa, the Middle East and Europe, through onshore booking centres in Singapore, Hong Kong, Dubai, India, London and Jersey. Chief executive Bill Winters said at an earnings call last month that the private banking unit had added new relationship managers to serve its wealthy clients, and is investing more to “fundamentally transform” the business. Singapore’s DBS Group Holdings Ltd, Southeast Asia’s largest bank, said in November it would almost double its Dubai private banking staff to triple revenue for those operations in the Middle East by 2023.
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