Standard Chartered’s troubled unit lost $650m last year

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Standard Chartered said its troubled principal finance unit toted up a $650 million loss last year, weighing on the bank’s efforts to improve returns.

 According to HITC Business report, SC has a net loss for 2016 narrowed to $478 million from $2.36 billion in 2015, but revenue and profit figures fell short of analysts’ expectations and the stock fell 5%.
It said its risk committee reviewed processes and controls in the unit last year, amid the losses and probes by U.S. and other authorities into alleged bribery at a portfolio company, power plant builder Maxpower Group Pte. Ltd.

Bank says returns should improve this year after a major restructuring

 The emerging-markets focused bank said it sharply marked down its private equity…

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