Standard Chartered boss Bill Winters fails to stop the slide

Profits at Standard Chartered dropped 64% in the first three months of the year as its new chief executive Bill Winters continued to scale back the emerging markets bank.

Winters’ plans to stop unprofitable banking and get out of riskier areas of financing saw its revenues drop 24% to $3.34 billion (£2.31 billion) and pre-tax profits fall from $1.5 billion to $539 million.

“Although trading conditions in the first quarter remained challenging, we continue to make good progress on our strategic objectives,” said Winters.

StanChart, which sponsors Liverpool FC (Daniel Sturridge, pictured), made its first loss in 26 years last year.