Standard Chartered is set to spend about US$20m to turn its Frankfurt office into a European base due to Brexit. The bank plans to create a subsidiary at its German branch to maintain access to the European market after Britain withdraws from the European Union.
Royal Bank of Scotland and Standard Chartered were the weakest of Britain's seven largest lenders in a Bank of England stress test. For the second year, the central bank has subjected the UK's biggest lenders to tests to measure whether they would survive a financial shock.
Standard Chartered bank, a London-based lender that makes most of its profit in Asia, could cut up to 1,000 senior jobs, according to an internal memo sent to staff. The move from chief executive Bill Winters is meant to cut costs.
Britain's Standard Chartered announced on Thursday the exit of its top two bosses in a radical management reshuffle, as the Asia-focused bank battles to transform its fortunes.