Standard Chartered share price: Bank hires Credit Suisse’s Matthew Kennett

Standard Chartered Plc (LON:STAN) has hired Matthew Kennett from Credit Suisse Group AG to oversee its cost cutting programme, Bloomberg has reported. Citing an unnamed source familiar with the matter, the newswire said yesterday that Kennett had joined the British bank on June 22, in the role of program director for business efficiency. According to the source, Kennett reports to Standard Chartered finance director Andrew Halford. In his newly created role Kennett, who was co-head of controls and reporting at Credit Suisse, will oversee an efficiency programme designed to cut costs and speed up and simplify the bank’s decision-making, the source told Bloomberg.

Prior to his departure from the bank earlier this month, StanChart’s former chief executive officer Peter Sands laid out a plan to cut $400 million in underlying costs this year and sell assets to boost capital,ruling out raising money from investors. The bank aims to save $1.8 billion by 2017 in order to boost profitability. On his first day at the bank, Sands’ successor Bill Winters pledged to focus on capital as he reviews strategy after two years of declining earnings.
Standard Chartered hasn’t so far confirmed the hiring of Kennett. Simon Kutner, a spokesman for the bank, has declined to comment following an inquiry by Bloomberg.
In today’s trading, Standard Chartered shares were up 0.8 percent at 1,033.00p, as of 11:12 BST. The stock has advanced 7.3 percent since the start of the company’s market capitalisation to £26.3 billion.
As of Jun 26, 2015, the consensus forecast amongst 30 polled investment analysts covering Standard Chartered had it that investors should hold their position in the company. The same consensus estimate has been maintained since May 08, 2013, when the sentiment of investment analysts deteriorated from “outperform”.
As of 13:48 BST, Tuesday, 30 June, Standard Chartered PLC share price is 1,030.75p.

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