Standard Chartered attacks Financial Times for "misrepresenting" investors

Banking and financial services company Standard Chartered has hit back at a report in the Financial Times (FT), claiming the views of its investors were misrepresented.

Standard Chartered: hit out at Financial Times report
Standard Chartered: hit out at Financial Times report

The bank responded to a front page FT piece that claimed it was looking to replace longstanding CEO Peter Sands amid pressure from investors. 

In an RNS statement, it said: "A number of high-profile individuals and investors have contacted us to say their views have been misrepresented by the FT." 

The story, published yesterday, alleged that Aberdeen Asset Management had "made it clear to the bank that it would like to see a new chief over the short to medium term".

It also reported that Legal & General was requesting a succession plan within the bank's upper echelons. 

The FT also claimed chairman Sir John Peace was "weighing a succession plan" for Sands and added that the chairman may himself resign.

The bank has also released a statement refuting "media rumours".

It said: "No succession planning is taking place as a result of recent investor pressure.

"The board wants to be absolutely clear that it is united in its support of both Peter Sands and Sir John Peace, and the management team, in delivering the refreshed strategy, restoring the bank to profitable growth and delivering returns for our shareholders."

The claims follow on from Standard Chartered shares dropping 36 per cent in the past 16 months.

A spokeswoman for the FT said the paper stood by its story.

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