Rebellion at Standard Chartered as Senior Staff Push for New Leadership - WSJ

Rebellion at Standard Chartered as Senior Staff Push for New Leadership - WSJ:



"Hundreds of Standard Chartered PLC’s most senior executives gathered earlier this month on Singapore’s Sentosa island to address the global bank’s dimming fortunes. From a lectern at a colonial-style resort, Chief Executive Peter Sands warned that management has just a few months to turn around the bank or risk losing the support of the board of directors, according to attendees.



Mr. Sands, credited for years with leading perhaps the world’s most successful bank, now is in danger of becoming the latest big-bank CEO to lose his job following a series of high-profile stumbles.



Standard Chartered’s two largest shareholders, which collectively control 28% of the bank’s stock, are privately pushing for new leadership, say people familiar with the matter. Customers and regulators recently have told Standard Chartered executives and board members that they are increasingly anxious about the bank’s problems, people familiar with those discussions say."



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