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Standard Chartered (StanChart) on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs. StanChart's statutory pre-tax profit for the first half climbed 5% to $3.49 billion, just ahead of a consensus estimate compiled by the bank. Asia-focused global banks including StanChart and rival HSBC have benefited in recent years from higher interest rates and relatively stronger economic growth and wealth generation in the region. But in China, slowing economic growth and the country's property sector crisis have been a concern for Western banks. StanChart has made provisions totaling $1.2 billion for potential bad loans in China's commercial real estate sector so far this year.
Persons: Bill Winters, StanChart, Sadia Ricke Organizations: Chartered, Tuesday, HSBC Locations: Hong Kong, London, Asia, Africa, China
Société Générale Names New Chief Risk Officer
  + stars: | 2022-11-03 | by ( Mengqi Sun | ) www.wsj.com   time to read: +2 min
Société Générale SA promoted a veteran banker to be its new group chief risk officer, as the French bank continues to navigate geopolitical uncertainties in Europe and a possible economic slowdown. Stéphane Landon, who has been Société Générale’s deputy chief risk officer since October 2020, will become the chief risk officer on Dec. 1, the bank said Thursday. He will succeed Sadia Ricke, who is leaving the bank at the end of this month to become the chief risk officer at Standard Chartered PLC in London. He served as Société Générale Americas’ chief financial officer in New York between 2018 and 2020, before taking the risk-officer position. He previously led the bank’s Americas business and worked on key market functions for Société Générale, including securitization and leveraged finance.
Societe Generale says two senior executives to leave bank
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland March 25, 2022. REUTERS/Arnd WiegmannPARIS, Sept 23 (Reuters) - Societe Generale (SOGN.PA), which is seeking a new chief executive, said on Friday two senior female executives would be stepping down before the end of the year. France's third-biggest listed bank said Chief Risk Officer Sadia Ricke would leave on Nov. 30 and Caroline Guillaumin, the head of human resources and communication, would quit on Dec. 15. Ricke, a SocGen veteran, will become group chief risk officer of Asia and Africa-focused bank Standard Chartered, the London-based bank said in a separate statement. Register now for FREE unlimited access to Reuters.com RegisterRicke joined Societe Generale in 1994 and held a series of senior positions within the corporate and investment banking division before being appointed as chief risk officer last year.
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