Standard Charted has a strong foothold in Asia, where it has a presence for over a hundred years. Asia has always been a part of Standard Charted's core business.
In Q3, Standard Charted reported a loss of US$139 million due to impairment costs amounting US$1,230 million. The majority of the impairment costs are loan related. That it a hefty write off and perhaps is a signal that all is not well in Asia.
Now, Standard Charted needs to raise additional capital amounting to US$5.1 billion and cut 15,000 jobs globally.
If anything, it goes to show that Asia could register more defaults in coming months, brought on by a strengthening US$, low commodity prices, and asset bubbles.
Read it all here: http://www.bloomberg.com/news/articles/2015-11-04/standard-chartered-s-bad-loans-reveal-cracks-in-asian-economies
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