Standard Chartered PLC (LON:STAN) has been facing strong headwinds from the global mining industry.
In 2010, Standard Chartered lent out $60 million to London Mining PLC for its leading mine in central Sierra Leone. This was in lieu of the British bank’s decade-long goals to make its mark in the high-risk yet high-potential mining sectors in Africa and Asia.
Standard Chartered has announced a dramatic change in its management following ongoing problems ranging from losses in commodities, loans, and fines. On Thursday, Standard Chartered PLC (LON:STAN) chief executive officer (CEO), Peter Sands, announced his decision to step down in June this year. Mr. Sands was pressurized by shareholders amid declining share price, demanding a change after two years of problems. Chairman John Peace will also be leaving the bank next year.
Now that even the pundit brigade has confessed that crashing crude may not be the "unambiguously good" event all of them had sworn as recently as a month ago it surely would be, and stocks are beginning to comprehend that plunging oil may well be rather "unambiguously bad" because without EPS growth (energy is well over 10% of S&P EPS), without multiple expansion (rumor has it the Fed will hike this year), without a jump in stock buybacks (energy co