October 19, 2018 / 1:50 PM / 10 months ago

StanChart set to miss 2018 cost targets -website efinancialcareers, citing email

LONDON, Oct 19 (Reuters) - Standard Chartered is a facing ‘a significant challenge’ to meet its 2018 cost reduction targets and predicts a recent slowdown in income will continue for the rest of the year, website efinancialcareers reported on Friday, citing an internal email.

“We have made virtually no progress since May when we adjusted our budgets in reducing our cost base,” StanChart CFO Andy Halford wrote in the email sent to senior managers at the bank earlier this month.

A spokeswoman for StanChart confirmed the veracity of the email.

Reporting By Lawrence White; Editing by Kirsten Donovan

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