|South Korea No Longer Lucrative for London Bankers|
|by Tom McGregor||Mon, Jan 13, 2014, 10:36 PM|
London's major bankers are turning away from making bigger investments in South Korea.
According to the Chosun Ilbo, "The CEO of Standard Chartered Korea is stepping down two years before the end of his tenure. Richard Hill will be replaced by Ajay Kanwal, the CEO of the U.K. bank's Taiwan operations."
South Korea is facing a slowdown in its overall economy.
As reported by the Chosun Ilbo, "The U.K. bank has been reducing branches and cutting staff here since last year because the Korean market has lost its luster. The replacement of Hill is apparently related to the poor earnings of the local operations."
Under Hill's tenure, Standard Chartered had experienced a 30% drop in annual profits.
To read the entire article from the Chosun Ilbo, link here:
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