Standard Chartered to shift power to regional hubs, reports say

25th Jun 2015 14:11

Standard Chartered's new chief executive Bill Winters has said the emerging markets-focused bank is ripe for simplification and streamlining, sources told the Financial Times. Winters is expected to hand more power to a handful of regional subsidiaries in key markets, such as Hong Kong, Singapore, India, the United Arab Emirates and Africa, to cut costs beyond the $1.8bn in three years it recently announced.One top investor told the FT that Winters' arrival had inspired confidence among shareholders of the London-listed stock.Berenberg banking analyst James Chappell was quoted as saying that StanChart must raise money, and needs to before Deutsche Bank or Credit Suisse if those banks - both with new management - look to the markets for capital soon.Meanwhile Citigroup analyst Ronit Ghose reportedly said Winters needs to go through the bank's portfolio and decide which items are really needed.Shares in the bank were down 0.56% to 1,060p at 03:06 on Thursday.