Nov. 29 (Bloomberg) -- Jaspal Bindra, chief executive officer of Standard Chartered Plc’s Asia operations, said the bank’s capital market activity will slow in the near term, even as it remains committed to double-digit income growth this year.
On the business outlook:
“We remain committed to our outlook for double-digit income growth for the full year. It’s difficult to forecast activity by businesses because there is so much dependent on the macro-economy.
‘‘We foresee the likelihood of a slowdown in overall capital market activity in the near term. But that can be equally compensated, if not more, by market share opportunities and re-pricing credit upwards.’’
‘‘Whatever hiring we do, it will be disproportionately higher in Asia. We expect to close 2011 with 86,000 people, from 80,000 in the first half of 2010. Next year, if the revenue momentum continues, we will have a need to grow.
‘‘Some businesses will need more hiring than others. Front- end staff for private banking and small- and medium-enterprises, and middle- and back-office-skilled staff for financial markets.’’
‘‘Anything in our footprint, we’d be interested in giving it a very good look. Our core growth mantra is still organic. We think that has largely been the contributor to our eight-plus years of record performances.’’
--Editors: James Gunsalus, Nathaniel Espino
To contact the reporter on this story: Sanat Vallikappen in Singapore at email@example.com
To contact the editor responsible for this story: Chitra Somayaji at firstname.lastname@example.org