Standard Chartered to Keep Some Swiss Employees Amid Sale

Standard Chartered Plc, 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.

Swiss broadcaster RTS reported earlier that Standard Chartered seemed not to have found a buyer and about 40 employees were affected by the closing of the private-banking business.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE