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StanChart global private banking profit dips 40%, AUM down 2%

Standard Chartered’s (StanChart) global private banking unit posted a pre-tax profit of US$89 million in 2015, down from US$149 million in 2014, while assets under management (AUM) dipped 2%. Irregardless, the business is a key area that the UK lender’s CEO intends to grow by hiring more relationship managers and increasing cross-referrals from the corporate and retail units. The lower profit was…

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