Standard Chartered chief Bill Winters sets out priorities on first day

Standard Chartered chief executive Bill Winters told staff on his first day in the office yesterday that the Asia-focused bank must strengthen its finances and simplify operations to boost returns.

Winters' predecessor Peter Sands closed of much the bank's equities business and sacked 4,000 staff but that was not enough to reverse the company's underperformance and save his job.

"We need to reinforce our foundations, streamline our business, strengthen our financial position and re-orient the bank for better returns on our capital," Winters said in a letter to staff. "Our capital strength is a key priority. Capital strength is a competitive advantage, especially in tough economic times. We are reviewing all aspects of our capital strength as part of our broader business review."

Addressing concerns about the bank's capital strength is Winters' top priority, and some investors and analysts have said he needs to raise at least US$5 billion from a rights issue and cut the dividend.

Winters, 53, was previously co-chief executive of JPMorgan's investment bank. He left in 2009 after falling out with JPMorgan Chase chief executive Jamie Dimon.