Standard Chartered is also refining its approach in Corporate and Investment Banking. Credit: Alois Oscar/Shutterstock.

Standard Chartered has announced plans to double its investment in wealth management services, with an aim to serve its affluent clients more effectively.

Over the next five years, the London-based bank will invest around $1.5bn in hiring relationship managers and investment advisers, developing wealth solutions, and enhancing advisory, cross-border, and digital capabilities.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It will fund this increased investment will be funded by reshaping its mass retail business to nurture a pipeline of future affluent and international banking clients.

Standard Chartered also looks to sell or restructure a number of its smaller businesses that do not align with its strategic goals.

This will allow the bank to concentrate resources on the cross-border needs of its Corporate and Investment Banking (CIB) and affluent Wealth and Retail Banking (WRB) clients.

The bank expects these changes to unfold over the coming 18 to 24 months.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Standard Chartered said: “We are confident that our increased investment and greater concentration will help us to outperform the market in terms of asset gathering and income growth over the medium term, enabling us to sustain double-digit income growth in Wealth Solutions.”

Furthermore, Standard Chartered is refining its approach in Corporate and Investment Banking to better serve the cross-border needs of larger corporate and financial institution clients and lower the headcount of clients whose “needs do not play directly” to its strengths.

These plans were revealed in the bank’s Q3 results statement. For the three-month-period ending September 2024,  Standard Chartered reported underlying profits before tax of $1.8bn, up from $1.3bn a year earlier.

The WRB segment alone saw an 11% increase in underlying pre-tax profit, rising to $742m in Q3 2024 from $669m in Q3 2023.