Latest news with #DiegoDeGiorgi
Yahoo
03-05-2025
- Business
- Yahoo
StanChart CFO on Earnings, Trade, Cost Reduction Program
Standard Chartered Plc. Chief Financial Officer Diego De Giorgi discusses the lender's performance in the first quarter as it beat estimates, largely driven by the bank's wealth and financial markets units. He also talks about trade uncertainty, and the London-based lender's plan to return at least $8 billion to shareholders from 2024 to 2026. De Giorgi speaks in an interview on Bloomberg Television with Bloomberg's Tom Mackenzie.
The Star
02-05-2025
- Business
- The Star
StanChart cautious on tariff impact after strong first quarter
FILE PHOTO: The Standard Chartered bank logo is seen at their headquarters in London HONG KONG/SYDNEY: Standard Chartered said on Friday uncertainty created by the impact of trade tariffs boosted its clients' activity in the first quarter but warned that major deals could be put on hold if the trade tensions persisted. The bank's cautious stance provided more evidence of how the impact of U.S. President Donald Trump's tariffs could weigh on long-term dealmaking and hit lenders' income, after a busy first quarter when clients rushed to hedge risks. StanChart on Friday reported a 10% profit rise in the first quarter, ahead of analysts' forecasts, as a strong performance from its wealth, markets, and global banking businesses boosted revenue, while net interest income fell from the previous quarter on a constant currency basis. "Momentum (in the second quarter) has continued from the high levels of volatility that the market is experiencing," Diego De Giorgi, the bank's chief financial officer told reporters. Clients have been particularly active with "tactical" moves so far, which he said referred to them using the bank's "flow business" to manage their exposure to currencies, commodities or to rates. "Obviously we remain watchful of longer term ... execution of more strategic deals in banking that might be delayed if uncertainty remains elevated," the CFO said, referring to client activity. StanChart's Hong Kong-listed shares paired earlier gains, after rising as much as 4.2% to a 5-week high after the results, and were last up 0.7%. The benchmark Hang Seng rose 1.7%. Its London-listed shares were down 0.8% by 0915 GMT. The bank took a credit impairment of $219 million in the quarter, up 24% from a year earlier. The bank set aside $23 million in relation to the heightened uncertainty around trade tariffs. Other major banks have highlighted the threat to economic growth and credit quality from the trade tensions. HSBC , which reported results earlier this week, forecast worsening loan demand and credit quality in the wake of rising trade tensions. WEALTH BUSINESS StanChart, which focuses on Asia, Africa and the Middle East, reported first-quarter pretax profit of $2.1 billion, versus $1.91 billion a year ago, which was ahead of $1.91 billion forecast by analysts. The results showed "notable strength" in the bank's wealth business, Jefferies analysts said in a research note. "We remain of the view that the current tariff uncertainty is ultimately a growth issue not a credit one," they said. The bank's wealth business reported 28% first-quarter income growth, while its global markets and global banking businesses delivered increases of 17% and 14% respectively. StanChart has said it will target $200 billion in new assets and double-digit growth in income from its wealth business over the next five years, as part of its wider strategy to shift to higher fee-earning businesses. StanChart's net interest income in the first three months of this year fell 5% from the previous quarter on a constant currency basis. The bank flagged a challenging outlook for net interest income given the current interest rate environment and economic landscape. - Reuters
Bloomberg
02-05-2025
- Business
- Bloomberg
Trade War: China Evaluates Possible US Trade Talks
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, China says it's assessing the possibility of trade talks with the US, citing senior US officials' willingness to discuss tariffs. Apple slumps in late trade on slower sales in China and a warning on tariffs, while Amazon says it's bracing for a tougher business climate in the coming months. Meanwhile, Standard Chartered has posted better than expected first-quarter profit as it weighs the impact of US President Trump's trade war. Today's Guests: Diego De Giorgi, Group CFO of Standard Chartered & Jane Foley, FX strategy head at Rabobank (Source: Bloomberg)
Bloomberg
02-05-2025
- Business
- Bloomberg
StanChart CFO on Earnings, Trade, Cost Reduction Program
Standard Chartered Plc. Chief Financial Officer Diego De Giorgi discusses the lender's performance in the first quarter as it beat estimates, largely driven by the bank's wealth and financial markets units. He also talks about trade uncertainty, and the London-based lender's plan to return at least $8 billion to shareholders from 2024 to 2026. De Giorgi speaks in an interview on Bloomberg Television with Bloomberg's Tom Mackenzie. (Source: Bloomberg)
Bloomberg
21-02-2025
- Business
- Bloomberg
US Puts Russian Sanctions In Ukraine Talks & German Election Countdown
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, we're counting down to Sunday's German election. The Group of Seven is struggling to agree on a draft communique to mark three years since Russia's invasion of Ukraine. It comes as the US is prepared to either ramp up or take down penalties on Russia based on the Kremlin's willingness to negotiate an end to the war in Ukraine. Meanwhile, Alibaba surges after reporting its fastest revenue growth in more than a year. Today's Guests: DeepL CEO & Founder Jarek Kutylowski, Standard Chartered CFO Diego De Giorgi & Sudha David-Wilp, VP of External Relations and Senior Fellow at the German Marshall Fund. (Source: Bloomberg)
