Standard Chartered in $5.1bn rights issue

First quarterly loss since 1998

Standard Chartered is launching a $5.1bn rights issue, and cutting 15,000 jobs, as it announces its first quarterly loss since the Asian financial crisis.

The emerging markets-focused bank missed analyst expectations of pre-tax profits of $913m for the three months to the end of September, and instead reported a $139m loss for period - its first quarterly loss since 1998. This compared with a profit of $1.5bn for same period last year, according to the FT. The group's Hong Kong-listed shares fell almost 3% overnight as the bank also reported a 12% drop in year-on-year revenues to $3.7bn, as it said "adverse trends" in India and commodities affected the business. Standard Chartered bosses waive bonuses as profits plummet Some 15,000 jo...