LONDON (Nov 1): Standard Chartered chief executive Bill Winters branded its income and profit unacceptable on Tuesday as below-forecast third quarter results and confirmation of a Hong Kong investigation underlined the challenges his overhaul faces. "We now have a stronger balance sheet... but income and profit levels are not yet acceptable," Winters said after the Asia-focused bank generated income of US$3.47 billion in July to September, down 6% from US$3.68 billion from a year ago. Not what investors expect when investing in emerging markets," Nicholas Hyett, Equity Analyst at Hargreaves Lansdown, said. This comes days after Swiss bank UBS said Hong Kong's Securities and Futures Commission was investigating its role in certain unnamed stock market listings. StanChart revealed a further US$30 million loss in its principal finance unit for the quarter, following a US$167 million loss in its fiscal first-half and reports it was looking to spin out the private equity business housed in that unit.

Source: The Edge Markets November 01, 2016 13:30 UTC