Standard Chartered has changed a lot, both in its business mix and culture, since Bill Winters took over from former chief executive Peter Sands in 2015. Winters’ recruitment of Simon Cooper the following year from arch-rival HSBC to lead the corporate and institutional bank, has played a big part in those changes.
When Cooper arrived, Standard Chartered was still recovering from the aftermath of rapid growth and ill-judged lending in the early 2010s, especially in wholesale banking, at a time when emerging markets appeared relatively healthy and the commodity cycle was reaching a peak. After the commodities cycle turned, the group posted a loss in 2015 and only narrowly avoided another loss in 2016.
Even after credit impairments fell, low developed market rates kept profitability low, leading to a group return on equity in mid-single digits until last year.
In important respects the bank looked much better in 2023, above all in Cooper’s division, which is by far the bank’s largest.
