Standard Chartered’s CEO to depart

LONDON: The chief executive of Asia-focused bank Standard Chartered will step down in June, the company said on Thursday, following poor results, job cuts and fines for failing to detect possible money-laundering.

“Peter Sands will stand down from the board and as group chief executive in June 2015,” the British bank said in a statement, adding that he would be replaced by JPMorgan investment bank’s former co-CEO Bill Winters.

The emerging markets lender added that chairman John Peace will also leave during the course of next year, allowing time for Winters to settle into his new role.

Peace praised Sands, who has been chief executive since 2006, saying he had presided “over a period of huge change and challenge for the entire industry”.—AFP

ExxonMobil says Russia sanctions cost it $1bn

NEW YORK: US energy giant ExxonMobil said on Thursday that the US and European Union sanctions against Russia had cost it $1 billion last year.

In a securities filing, Exxon said the loss stemmed from suspending joint venture activities with Russian oil major Rosneft under the sanctions imposed in 2014 on the Russian energy sector.

Exxon said its maximum exposure to loss from the Rosneft activities stood at $1bn on Dec 31.—AFP

RBS to slash investment banking after huge loss

LONDON: Royal Bank of Scotland will end investment banking in the Middle East and Africa and “significantly” reduce its presence in Asia and the US after a seventh-straight annual loss, the state-rescued lender said on Thursday.

RBS, about 80-per cent owned by the British government, said losses after tax totalled £3.47 billion ($5.4bn, 4.74bn euros) last year following a £4bn write-down on Citizens, part of its US operations.

The performance was however much better than in 2013 when RBS had posted an annual net loss of almost £9bn. Stripping out the write-down and other items, RBS recorded an operating profit of £3.5bn for 2014.—AFP

Google unveils reorganisation in Europe

NEW YORK: Google said on Wednesday it was launching a reorganisation of its European operations in the face of a tougher regulatory environment.

The overhaul was first reported by the Financial Times, citing Matt Brittin, an executive who will head a new unit unifying two separate European divisions.

Google’s press office confirmed the reorganisation in an email to AFP without elaborating. Sources familiar with the reorganisation said it was aimed at simplifying Google’s structure in Europe and responding better to customers and policymakers in the region.

Published in Dawn, February 27th, 2015

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