Standard Chartered CEO doubts major U.S. recession.

Standard Chartered CEO: Big Recession in US Unlikely, Negative Growth Possible

Standard Chartered Chief Executive Bill Winters said on Monday he sees a big recession in the United States as unlikely, although a period of negative growth was possible. “I think it’s less the question of a massive decline in the U.S. – I think that’s very, very unlikely,” Winters said at conference in Dubai, adding the economy was “extremely strong”.

Super Strong Capital Position and Liquidity Position

He said Standard Chartered’s credit committee is “not tighter at all” after the collapse of three regional U.S. banks. “We were a net receiver of deposits during this period of global angst and we’ve got a super strong capital position and a very strong liquidity position,” he said, although the bank needs to keep an eye on how regulation changes.

Confident in Independence

Asked if Standard Chartered’s biggest shareholder would stick by it if another Gulf lender “came after” it, Winters said: “We have all the capacity and resources we need to keep on growing and keep on living an independent life.” “If somebody wants to come in and talk to us about how they can make us better … yeah, be my guest, we can always have a conversation. We have that responsibility to our shareholders. But I’m very, very confident that we can deliver this package all by ourselves,” he added.

Interest Rates

On interest rates, Winters said “I don’t know” when asked about the worst-case scenario, but added that his bank was focused on 5.25% “for now and for a while.”

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