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Standard Chartered Plc (STAN)’s operating profit from its corporate bank may climb to about $10 billion by 2016 as the lender expands in emerging markets, Mike Rees, head of the division, told investors today.
“That is not an unreasonable aspiration for us to have,” Rees said in a presentation to investors broadcast on the London-based bank’s website.
Operating profit before impairments and tax at the division, which includes the firm’s investment banking business, increased 11 percent to $5.7 billion in 2011. Three years ago, operating profit on the same measure was $3.72 billion.
Standard Chartered, which earns most of its revenue from Asia, plans to hire more than 1,000 people this year in emerging markets as lenders such as HSBC Holdings Plc (HSBA) cut jobs and sell assets. The London-based bank last month settled a money- laundering probe in New York for $340 million on the day before it was scheduled to defend its right to operate in the state. It still faces federal inquiries over claims it helped sanctioned nations, including Iran, illegally funnel money through the U.S.
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