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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered    STAN   GB0004082847

STANDARD CHARTERED

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Standard Chartered freezes hiring, warns of bonus cuts: memo

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03/30/2020 | 12:46pm EDT
FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto

Standard Chartered has told staff it is freezing all external and internal hiring for two months and signaled it is likely to cut bonuses for 2020, as the Asia and Africa-focused lender grapples with the fallout from the coronavirus pandemic.

The FTSE 100 bank would also re-prioritize discretionary investment for the time being, the company said in a memo seen by Reuters.

The memo said the lender expected to have to make "sensible adjustments" to any variable compensation for 2020 given its finances were "likely to be challenged".

StanChart's bonus pool was worth 1.3 billion pounds ($1.61 billion) in 2019, up from 1.2 billion pounds the year before.

StanChart also plans to re-invest the money saved on employee travel costs in technology to help staff work from home better, the memo said.

(Reporting by Sinead Cruise, Additional reporting by Sumeet Chatterjee, Writing by Iain Withers; Editing by Rachel Armstrong and Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
STANDARD CHARTERED -2.40% 455.5 Delayed Quote.-36.06%
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Financials (USD)
Sales 2020 15 527 M
EBIT 2020 4 757 M
Net income 2020 2 450 M
Debt 2020 -
Yield 2020 4,91%
P/E ratio 2020 7,46x
P/E ratio 2021 6,78x
Capi. / Sales2020 1,14x
Capi. / Sales2021 1,10x
Capitalization 17 770 M
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Technical analysis trends STANDARD CHARTERED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 7,34  $
Last Close Price 5,64  $
Spread / Highest target 97,7%
Spread / Average Target 30,3%
Spread / Lowest Target -25,8%
EPS Revisions
Managers
NameTitle
William Thomas Winters Group Chief Executive Officer & Executive Director
José Viñals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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