Standard Chartered Shifts Emerging-Markets Strategy After Losses

Exposure to struggling emerging economies is prompting Standard Chartered Plc’s Chief Executive Officer Bill Winters to seek a “fundamental shift” in the business to steer the company to faster growth.

In an effort to restore profits after soaring bad loans in emerging markets hurt earnings, Winters revealed plans to reduce positions in China and India, while expanding in large, fast-growing cities across developing nations. Standard Chartered, which generates almost all of its revenue in Asia, will restructure or exit $100 billion of assets after it reported an unexpected third-quarter loss of $139 million, compared with a profit of $1.5 billion a year earlier.