Standard Chartered beats forecasts with strong wealth growth; Barclays restarts job-cutting as restructuring continues

Plus: Fed holds interest rates citing ‘lack of progress’ on interest rates, and more

by John Everington

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Standard Chartered beats forecasts with strong wealth growth; Barclays restarts job-cutting as restructuring continues

Image: Chris Ratcliffe/Bloomberg

Standard Chartered reported better than expected first quarter profits on Thursday, buoyed by the higher interest rate environment and the strong performance of its wealth business.

The bank’s pre-tax profits rose 5.5 per cent year on year to $1.9bn for the first quarter, coming in well ahead of an average forecast of $1.4bn from 13 analysts compiled by the bank.

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John Everington

John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.