Standard Chartered Group's fourth quarter performance weaker than expected, announced a $1.5 billion share buyback plan.

Standard Chartered Group announced a new $1.5 billion stock buyback plan while also revealing weaker-than-expected performance in the fourth quarter. The sudden departure of the company's chief financial officer several weeks ago had a negative impact on its stock price. The bank reported adjusted pre-tax profit of $1.24 billion for the last three months of last year, which was below economists' expectations of $1.38 billion. Its performance was mainly driven by wealth management and global banking divisions, but a decrease in trading income was a negative factor. Group CEO Bill Winters stated in a release that the company is achieving steady growth in larger markets, and the structural shifts in global trade and investment are uniquely positioning us to serve the cross-border and high-end banking needs of our clients. Standard Chartered indicated that the upcoming $1.5 billion stock buyback plan is expected to reduce its CET1 ratio by approximately 58 basis points.