Standard Chartered to Keep Some Swiss Employees Amid Sale
Standard Chartered Plc (STAN), responding to a report that it intends to close its Swiss private-banking operations, said it plans to maintain a presence in the country.
“As previously announced, Standard Chartered is looking at options for its private-banking business in Geneva; it is too early to say what the outcome of that process will be,” Standard Chartered’s Swiss unit said in an e-mailed statement today. “The bank will retain staff and operations in Switzerland.’
Standard Chartered, a U.K. lender that makes about three-quarters of its earnings in Asia, said in February it planned to sell its Geneva-based private bank as Chief Executive Officer Peter Sands reviews businesses to improve profitability. That decision won’t affect Standard Chartered’s wholesale-bank business in Switzerland, the firm said at the time.
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