HONG KONG (REUTERS) - Standard Chartered on Thursday (July 30) posted a 33 per cent fall in its first-half profit, as the bank boosted its credit impairment charges by six-fold as a result of the Covid-19 pandemic and economic downturn in its main markets.. Read more at straitstimes.com.
HONG KONG - Standard Chartered on Thursday posted a 33 per cent fall in its first-half profit, as the bank boosted its credit impairment charges by six-fold as a result of the Covid-19 pandemic and economic downturn in its main markets.
The latest profit compared with the US$1.53 billion average of analyst estimates compiled by Standard Chartered. Indicating headcount cuts at the bank to reduce costs, StanChart said it was accelerating some elements of existing projects aimed at creating a leaner organisation as well as developing some new expense reduction initiatives.
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