New StanChart CEO Winters says needs to strengthen finances

LONDON (Reuters) - Standard Chartered's new chief executive Bill Winters said the Asia-focused bank needs to strengthen its financial position, simplify and restructure to achieve better returns, in a letter to staff on his first day in charge.

"We need to reinforce our foundations; streamline our business; strengthen our financial position; and re-orient the bank for better returns on our capital," Winters said in a letter to staff seen by Reuters on Wednesday.

"Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review," he said.

 

(Reporting by Steve Slater; Editing by Alexander Smith)