Is Standard Chartered the new Goldman Sachs?

3 March 2009

1 minute read

Is Standard Chartered the new Goldman Sachs?

Following the warm reception to yesterday's suggestion that HSBC might have Goldmanite qualities due to its ability to turn a global markets profit in a down market, it seems only reasonable to apply the same logic to Standard Chartered.

In common with HSBC, Stan Chart is a British bank which has most of activities overseas. And in common with HSBC its wholesale banking group pulled a profit in 2008.

According to its results published today, operating income at Stan Chart's wholesale banking group actually rose 42% last year to $7.5bn. And financial markets operating income rose 78% to $2.4bn.

Standard Chartered is obviously a flea to Goldman's woolly mammoth - GS made $11bn in operating profits last year. Nor is STAN known for prolific payouts to employees or a wonderful working culture.

However, the report makes some encouraging noises about headcount, which few other banks were in a position to make for 2008. In wholesale banking it trumpets investment in 'skills and expertise' in 'areas such as sales, trading and financial institutions teams.'

AUTHORSarah Butcher

Global Editor

He
Henry??
5 March 2009
who cares....jeez
Reply
Wh
Who's this kid Henry?
5 March 2009
Does any one of you work for either Stan Chart or Goldman Sachs? It's wizz-kid idiots like some people on this blog that screwed up the system by talking rubbish about things you don't have a clue about.
Same people that said "oil should be $200", same people that said subprime CMBOs are AAA rated, same people who are now begging for change from governments and sovereign funds.
Standard Chartered made money when noone else did without begging. And they are growing faster than any beast out there. GS is trying to be the new HSBC / Stan Chart by asking for license to accept deposits like they do.
That doesn't look like a post office bank to me.
And Henry, grow up. You're probably a fresh analyst out of some mickey mouse university your parents put you through.
Reply
to
tony montana
5 March 2009
StanChart is the equivalent of a post office. Let's be serious here.
Shall we talk about salary, bonus, quality of people at StanChart?
Life is challenge, life is excitement, not doing a post office job. Better to belly up to be number 1 than spending a life in a gray bank.
Profits in the BB will come back again and nobody will talk about post-office banks again.
Reply
Da
Davros
3 March 2009
Not needing bailed out by the Government is the new killing it. Making a profit is the new Master of the Universe.
Reply
Ox
Ox_Stu
3 March 2009
Henry is fabulous....totally makes efinancial worth reading....
Reply