Standard Chartered’s chief is now under fire from within and without
Outlook Peter Sands’s hold on the chief executive position at Standard Chartered seems ever more tenuous. Yesterday, an exhaustively researched story in the Financial Times was splashed across its front cover, with a further page inside, documenting the extreme difficulties the emerging markets bank is going through.
Having been an aggressive expander in its core Asian heartland, it is falling down the league tables just as dramatically.
Investors are restless, while top staff are feeling the strain.
While the slides in its market positions were astonishing – from eighth place to 21st in Asian project finance – few of the other claims were especially new. The difference seemed to be that they were based on conversations with such large numbers of investors, directors, staff and analysts – pretty much all of them in the anti-Sands camp.
The other key difference is this: its prominence in the newspaper with more banking clout than almost any other.
The board must have already been spooked by the attacks on Mr Sands by banking blogger Emmanuel Daniel (after reading which you can’t help feel sorry for the bloke).
But being pilloried by the Pink ’Un in such a way – and the FT delivers more of the same today – is an appalling indictment of the bank’s leader. It shows not only that his running of the business is questionable, but that he’s completely lost his grip on communication with the outside world.
Don’t be surprised if shareholders demand signs of succession planning at next month’s interim results.
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...