Standard Chartered’s chief is now under fire from within and without
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Thursday 24 July 2014
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 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 Chelsea victory parade: Chelsea mocked on Twitter as 'tens of fans' pack the streets of London
- 3 US warned by Chinese media to stop meddling or 'war will be inevitable'
- 4 Woman, 21, dies after taking contraceptive pill that 'caused fatal blood clot'
- 5 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
US warned by Chinese media to stop meddling or 'war will be inevitable'
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...