Peter Sandshas sought to put a positive gloss on a difficult end to his eight years as chief executive of Standard Chartered by announcing beefed up cost-cutting plans and ruling out the need for a rights issue for the London-listed bank.
But analysts said the new strategy could soon be torn up by Bill Winters , the former JPMorgan Chase investment banker, who the lender announced last week would take over from Mr Sands in June as part of a radical boardroom clear-out.
Hit by a sharp increase in bad debt provisions, rising costs and falling revenues, the bank that is focused on Asia, Africa and the Middle East reported a 37 per cent fall in net profits to $2.5bn last year.
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