Key Developments: Standard Chartered PLC (STAN.L)

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Latest Key Developments (Source: Significant Developments)

Standard Chartered PLC - Standard Chartered to pay $6.3 mln in Swiss program deal - Reuters
Friday, 13 Nov 2015 12:24pm EST 

Standard Chartered PLC:Standard Chartered Bank's Swiss unit STANB.UL will pay a $6.3 million penalty as part of a deal it reached with the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Friday - RTRS.The bank also agreed to cooperate in any criminal or civil proceedings involving U.S. accounts and to adopt procedures for avoiding future misconduct, the Justice Department said - RTRS.Standard Chartered settled under a voluntary program the Justice Department launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped U.S. account holders conceal assets - RTRS.Under the program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation. Banks that were already under criminal investigation were excluded from the program - RTRS.The bank's Swiss unit held 22 U.S.-related accounts since Aug. 1, 2008, which included assets totaling $33.1 million, the Justice Department said - RTRS.  Full Article

Standard Chartered PLC said to cut Dubai trading jobs, four MD roles - Bloomberg - Reuters
Monday, 9 Nov 2015 10:53pm EST 

Standard Chartered PLC:Standard Chartered Plc cut 11 sales and trading jobs in Dubai, including four managing director roles, according to two people with knowledge of the matter - Bloomberg.The London-based lender removed Vikrant Bhansali, regional head of institutional sales; Farhan Aziz, head of credit solutions and Jillian Correa, regional head of flow, from their positions, the people said, asking not to be identified because information isn’t public -Bloomberg.Standard Chartered has “acted to reduce management layers at a global level, and as a result, will have up to 25 percent fewer senior staff,” the bank said in e-mailed response to questions Tuesday - Bloomberg.The group’s new structure will be effective from Jan. 1 and “changes are still work in progress, we are not in a position to provide details," it said - Bloomberg.The bank, which makes most of its earnings in Asia, plans to cut as many as 250 of about 1,000 managing directors, people familiar with the matter said in September - Bloomberg.About 50 of those positions will be in the bank’s Middle East and North Africa operations, one of the people said - Bloomberg.  Full Article

Standard Chartered PLC announces strategic review and 3.3 billion pounds capital raise
Tuesday, 3 Nov 2015 02:00am EST 

Standard Chartered PLC:Says outcome of its strategic review and a 3.3 billion pounds (net of expenses), or about $5.1 billion, capital raise.Says proceeds of the rights issue will be used to strengthen the balance sheet.  Full Article

Standard Chartered PLC to axe 15,000 jobs and raise $5.1 bln in turnaround plan - Reuters
Monday, 2 Nov 2015 04:21pm EST 

Standard Chartered PLC:Standard Chartered said it would axe 15,000 jobs and raise $5.1 billion by selling new shares as its new chief executive set out plans to restore profitability to a bank hit hard by an economic slowdown in emerging markets - RTRS.It will cut 17 percent of the workforce to reduce costs by $2.9 billion by 2018, and sell or restructure $100 billion of loans, on a risk-adjusted basis - or a third of its total - RTRS.  Full Article

Standard Chartered PLC chief plans to cut about 1,000 top staff - memo - Reuters
Thursday, 8 Oct 2015 08:00pm EDT 

Standard Chartered PLC:Standard Chartered's new Chief Executive Bill Winters plans to cut about 1,000 of the bank's most senior staff to reduce costs, according to a memo sent to staff, as he battles to revive the bank following a sharp drop in profits - RTRS.The cull shows the scale of the overhaul Winters is planning at the Asia-focused bank, which he has said needs to speed up decision-making on costs, people and strategy, and improve its risk management and profitability - RTRS.Winters said he planned to reduce by a quarter the number of staff graded in bands 1 to 4, the memo seen by Reuters said. Those bands cover bankers at director level and higher and include about 4,000 staff - RTRS.  Full Article

Standard Chartered PLC likely to unveil job and pay cuts soon in India - Economic Times
Wednesday, 7 Oct 2015 08:00pm EDT 

Standard Chartered PLC:Standard Chartered, India's largest foreign bank by branches, may soon announce job and pay cuts at senior level in India as well as in other regions as it moves to achieve the overall cost reduction goal of $1.8 billion by 2017, two people familiar with the developments said - ET.A few positions at the managing director level could go as the bank plans to reduce such positions by a quarter across geographies since it wants to save capital, said those people who did not want to be identified - ET."There could be up to a 25 per cent cut in staff in the top four executive bands of the bank," - ET."Top executives from the corporate and investment banking business are on their way out. Salaries may also be lowered but the quantum has not been decided." - ET.  Full Article

Standard Chartered PLC announces IDR
Wednesday, 7 Oct 2015 06:52am EDT 

Standard Chartered PLC:Announces Interim Dividend payable on Oct. 19, confirms that IDR holders will receive INR0.86139372 per IDR (ten IDRs represent one ordinary share).Says this amount was calculated on the basis of the US dollar/Indian Rupee exchange rate of 65.2571 as displayed on the appropriate page of the Reserve Bank of India screen on Oct. 07.Says As part of the IDR service fee US$0.012 per ordinary share has been deducted from the IDR dividend.  Full Article

Standard Chartered Plc announces 2015 interim dividend
Wednesday, 5 Aug 2015 04:16am EDT 

Standard Chartered Plc:Says Dividend per share reduced by 50 per cent to 14.4 cents per share.Interim dividend of 14.40 cents per share will be paid in either pounds sterling, Hong Kong dollars or US dollars on Oct. 19 to shareholders on Aug. 14.Interim dividend will be paid in Indian rupees on Oct. 29 to Indian Depository Receipt holders on the Indian register at the close of business in India on Aug. 14.  Full Article

Standard Chartered PLC fixes record date for interim dividend
Thursday, 30 Jul 2015 08:55am EDT 

Standard Chartered PLC:Says the record date in connection with the payment of 2015 interim dividend will 14 Aug.  Full Article

Standard Chartered PLC announces issue of convertible securities
Monday, 30 Mar 2015 02:02am EDT 

Standard Chartered PLC:Says issuance of $2,000,000,000 fixed rate resetting perpetual subordinated contingent convertible securities.Intends to issue securities on April 2.Application has been made to The Stock Exchange of Hong Kong Ltd.  Full Article

UPDATE 1-MOVES-Standard Chartered appoints CEO for Islamic banking business

DUBAI, Nov 25 Standard Chartered has appointed Rehan Shaikh as chief executive of its global Islamic banking business, it said in a statement on Wednesday.

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