Standard Chartered 'to boost trading division'

30 November 2010

A senior executive at financial giant Standard Chartered has confirmed that it plans to hire another 1,800 employees at its global trading and underwriting operation over the next three years.

In an interview with Bloomberg, financial market unit chief Leonard Feder stated that the London-based bank is seeking to increase the division's revenue from last year's figure of $4.4 billion to around $10 billion by 2014.

"This is just the beginning," said Mr Feder, the former co-chief of Bear Stearns' prime brokerage arm. "We're just scratching the surface on what the opportunities are."

He added that Standard Chartered is also looking to step up trading for clients involved in equities, currencies and commodities, as well as expanding in the underwriting of securities denominated in the Chinese yuan.

Last weekend, the Sunday Times reported that chief executives at Standard Chartered and four other banks headquartered in the UK could accept annual bonuses this year for the first time since the 2008 crisis struck.

By Asim Shah

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