Standard Chartered faces the threat of a financial hit in Hong Kong after the troubled emerging markets-focused lender revealed it was being investigated over its handling of a stock market float, in what marks yet another regulatory blow to the bank.
The FTSE giant disclosed that the Hong Kong Securities and Futures Commission (SFC) has warned the lender that it “intends to take action” against the bank for its role as a joint sponsor on a share sale seven years ago, understood to be the initial public offering of China Forestry. The probe could have “financial consequences” for Standard Chartered, the lender warned in its third quarter results.
Published by Finews Asia – Wednesday 7th September 2016
Credit Suisse veteran Timothy O’Hara has stepped down as CEO of Global Markets. His successor comes from within the Swiss bank. Asset Management chief Eric Varvel gets an additional promotion.
Credit Suisse announced on Wednesday that Tim O’Hara will be succeeded by Brian Chin, currently Co-Head of Credit, as CEO of Global Markets.
Chin will join the Executive Board of Credit Suisse Group. The bank also announced that Eric Varvel is appointed President and CEO of Credit Suisse Holdings (USA), in addition to his current responsibilities as Global Head of Asset Management.