Latest news with #Bill Winters
Telegraph
31-07-2025
- Business
- Telegraph
Trump's aid cuts are fuelling terrorism, warns bank chief
Donald Trump's drastic cuts to America's humanitarian aid programmes are fuelling the rise of terrorism, the boss of a major British bank has warned. Bill Winters, the chief executive of Standard Chartered, said Mr Trump's decision to close the United States Agency for International Development (USAID) had helped jihadist militant groups like Boko Haram 'regain its footing' in Nigeria. Mr Trump's efforts to cut public spending in the US have seen him close USAID and slash funding for international humanitarian programmes by $9bn (£6.8bn). This has led to Boko Haram gaining ground in places where people were 'seeking refuge in UN backed camps,' Mr Winters said. 'Is this a good thing for the US and the UK? Absolutely not. And at the humanitarian level – it's horrific.' he said. 'Some chunk of the aid budgets that have been cut were there to promote economic growth and provide the kind of stability that allows economies to prosper, and on the margin that's a little bit more challenging now.' Standard Chartered is one of Britain's largest banks but has no domestic presence in the UK, instead focusing its business on Asia and Africa. It is currently Africa's largest bank, following a recent period of fast-paced growth in countries including Kenya, Ghana and Nigeria. As a key banker to many institutions and charities, including the UN, Mr Winters said the aid cuts had hit some of the lender's business but that the impact was 'on the margins'. The comments come after Trust Mlambo, head of the UN's World Food Programme, said on Thursday that Trump's aid cuts could act as a boon to Boko Haram's recruitment efforts, making it 'much easier for militants to lure youths to join them'. USAID has been a feature of international aid since the 1960s, with the agency employing 10,000 people with the majority deployed overseas. Mr Trump decided to shut the organisation when he took office, saying that it was a waste of taxpayer dollar. Mr Winters also criticised companies that have turned their backs on environmental pledges since Trump took power in January this year. He said: 'I'll leave you to reach your own conclusions about people that said a lot of stuff that was fashionable to say, who are either saying nothing or the opposite now. Shame on them.' The banking chief added that: 'Most of our clients ... haven't backed away at all.'
South China Morning Post
31-07-2025
- Business
- South China Morning Post
Standard Chartered second-quarter profit rises 54%, unveils US$1.3 billion share buy-back
Standard Chartered said on Thursday its second-quarter net profit rose 54 per cent from a year earlier, driven by strong growth in cross-border trades and wealth businesses that offset rising bad debt, as it unveiled a US$1.3 billion share repurchase plan. Net profit for the April-to-June quarter rose to US$1.8 billion, or 72.5 US cents a share, from US$1.17 billion a year earlier, the bank said in a filing to the Hong Kong stock exchange. The result exceeded an analysts' consensus estimate of US$1.33 billion that was compiled by the bank. The London-based bank, which generates most of its business from Asia, said its pre-tax underlying profit for the period rose 34 per cent from a year earlier to US$2.4 billion, beating a consensus estimate of US$1.9 billion. For the first half, net profit rose 41 per cent to US$3.07 billion from US$2.17 billion a year earlier. Analysts expected a profit of US$2.82 billion. The bank announced an interim dividend of 12.3 US cents a share, up 27 per cent from a year earlier. Standard Chartered CEO Bill Winters. Photo: Jonathan Wong 'Our strong first-half performance reflects continued successful execution of our strategy, through our focus on cross-border and affluent banking,' CEO Bill Winters said in the statement.
Bloomberg
15-07-2025
- Business
- Bloomberg
Standard Chartered Is First Systemic Bank to Offer Spot Crypto
Standard Chartered Plc said it's the first global systemically-important bank to offer a spot crypto trading service, allowing corporate and institutional clients to buy and sell Bitcoin and Ether. While some of its rivals have steered clear of crypto currencies, Standard Chartered Chief Executive Officer Bill Winters said on Tuesday that digital assets were becoming a 'foundational' part of the world's financial system.
