Standard Chartered Investor Event: Building on Positive Momentum in Financial Markets

Standard Chartered provided a strategic update on its financial markets division, building on positive momentum following restructuring of the division. Management guided to a slight increase in 2024 return on risk-weighted asset guidance for the division from 6.5% to 7.4% and return on tangible equity in the mid-teens by 2024. Return on tangible equity in 2021 was 11.4%, exceeding our estimate of the group’s cost of capital of 10%. At a group level, the bank is targeting return on tangible equity of over 10% by 2024 and we expect the bank to just meet the target in 2024.