Slowing China, soft commodities deal Standard Chartered first annual loss in 27 years

Standard Chartered reported a net loss of US$2.36 billion for 2015 on Tuesday, marking the bank’s first annual loss since 1989, The Wall Street Journal reported. The bank saw bad loans nearly double for the year as its reliance on Asian markets and commodities backfired after years of strong returns prior to China’s economic slowdown. Benjamin Hung, regional chief executive officer of greater China and North Asia, maintained that medium and long-term prospects “remain very exciting,” and said the bank is seeking to take advantage of mainland flows for its yuan business and to improve its retail operations in China and Korea.