Investors are calling on Standard Chartered to come clean on its need to raise billions of pounds in capital amid a warning that Peter Sands, the bank’s chief executive, has only months to turn the business around.
An investor with a significant holding in the bank, which is focused on emerging markets, suggested yesterday that a large rights issue was “inevitable” and that the amount of money it would need to raise would be a “big number”.
Another leading shareholder said that Mr Sands had three months to turn round the bank and that unless he was able to deliver an improvement Sir John Peace, the chairman, was expected to begin looking for a replacement.
Speculation over a possible rights issue, which some think could