Tuesday, Nov 25, 2008
Another bank teeters on the brink
Guardian: Reverse for Standard Chartered as it makes £1.8bn cash call
Standard Chartered, the emerging markets bank that has been regarded as one of the winners of the credit crunch, yesterday joined other banks in bolstering its balance sheet through a £1.8bn cash call. Reversing its position from just three weeks ago when chief executive Peter Sands insisted the bank had a strong balance sheet, Standard Chartered admitted the economic climate was deteriorating. [Comment: Isn't amazing how things can change so fast in such a short time? To go from a strong balance sheet to £1.8bn short in just three weeks seems incredible to me.]
Posted by drewster @ 01:06 AM (225 views) Add Comment
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