StanChart CEO says no plan to review HQ location

Standard Chartered's new Chief Executive Bill Winters said he had no plans to move the bank's headquarters from London, given the scale of the restructuring task he faces. 

PHOTO: REUTERS

NOV 3, 20155:21 PM

[LONDON] Standard Chartered's new Chief Executive Bill Winters said he had no plans to move the bank's headquarters from London, given the scale of the restructuring task he faces. "It's absolutely not a priority for us right now. We have an enormous execution agenda and we find the UK to be a very pragmatic and predictable place to do business," Winters told reporters on a conference call when asked if the bank would consider leaving, as its rival HSBC is considering. "We don't want to be distracted by a fundamental review of where to be domiciled, especially given the underlying attractions of London," Winters said.

Winters was speaking after announcing plans to raise US$5.1 billion in new capital and cut 15,000 jobs in a sweeping turnaround plan to revive the bank's fortunes.

REUTERS