Standard Chartered reports first loss in 26 years

Standard Chartered reported its first annual loss since 1989 as hefty restructuring costs and weak commodity prices took their toll on the emerging markets-focused lender.

The bank slumped to a headline pre-tax loss of $1.5bn (€1.35bn), after accounting for costs from redundancies and impairments on bad loans. Underlying profit plunged 84% to $800m, missing analysts’ average estimate of $899m.

The loss shows the scale of the task facing new chief executive Bill Winters as he attempts to restore revenue growth after six successive quarters of decline.