Standard Chartered CEO Bill Winters found some bank employees, including seniors managers, being involved in fly-by-night operationsLondon: Bill Winters found more than just bad loans when he took over Standard Chartered Plc. Standard Chartered reported its first annual loss since 1989 last year and scrapped the dividend. One memo cites three senior employees who didn’t disclose their investment in an unlicensed money lender that charged high rates of interest. Standard Chartered is far from alone in tightening conduct rules as banks around the world dig deeper to cut costs and seek to avoid falling foul of bribery laws. Standard Chartered is providing real examples of rule-breaking and conflicts of interest in the memos, particularly those of managers expected to set an example, according to Pam Walkden, its new human-resources chief.

Source: Mint June 13, 2016 10:30 UTC