StanChart CEO Signals He Will Stay on the Job

Despite rumors of Bill Winter’s potential exit, the 59-year old chief executive said he would stay with Standard Chartered following a 2020 that saw profits miss analyst targets and plummet 57 percent.

Although rumors of an exit emerged earlier this year with investment and commercial banking chief Simon Cooper reportedly named as a potential successor, Bill Winters publicly reassured of his stay with the British lender.

Don’t let the grey hair fool you,» said Winters, during a media call for the bank’s 2020 financial results. «I came here to do a job – the job is not yet done.

Winters was named group chief for Standard Chartered in 2015 and will celebrate his sixth full year with the bank in June this year.“

That job is a mandate to return to growth after pre-tax profits in 2020 plunged 57 percent to $1.61 billion, missing analyst estimates of $1.85 billion while returning just 3 percent on tangible equity (ROTE), well below its longer-term target of 10 percent.

While the bank noted that low-interest rates will likely cause 2021 to yield similar income levels as last year it was confident that it would reverse momentum quickly with plans to achieve 5-7 percent income growth from 2022 onwards. The is done with the aim of achieving 7 percent ROTE by 2023 to meet its longer-term target of more than 10 percent ROTE.

The bank highlighted its refreshed strategic priorities which focus on four areas: leveraging its network, maintaining its affluent business, scaling up its mass retail business and capitalizing on opportunities in sustainability. a