Standard Chartered Bank Vs internal problems

Standard Chartered Bank is a public limited company offering banking and financial services in many parts of the world. Some of its products include credit cards, corporate banking, insurance and consumer banking. Others include mortgages, loans, wealth management and private banking. The bank has a heavy presence in Dubai, where it gives out significantly in loans.

The bank earned revenue of $16.06 billion in 2010. In the same year, the bank’s net income stood at $4.23 billion while its operating income was $6.12 billion. A whooping $517 billion make up the bank’s assets. Its total equity as at 2009 amounted to $27.93 billion.

In spite of the bank’s exemplary performance through the years, it has been faced with serious scandals that threatened to dent its credibility. The bank’s failure to hire local talent has been one of its major underbellies. Having all senior management employees as expatriates has impacted negatively on the bank’s performance, especially in the Middle East. This leads to disappointment when local professionals are not hired yet the institution is set in their backyards. This further leads to general discontent among the local communities. As a result, a good number of them would prefer going to institutions with their own people for financial services, rather than negotiate with strangers in their midst.

Research on the internal problem bedeviling Standard Chartered Bank was carried out through interviews and analyzing secondary sources of information. The research identified the head of Human Resource Management who provided valuable information on the hiring trends adopted by the bank. He provided the bank’s nominal role to back up his responses to the interview questions.

To the question as to how often a local professional was hired into the senior ranks in the bank, the responded stated that only one senior personnel had been hired from the locals since the inception of the bank in Dubai. However, most junior employees are Dubai natives. But in most of the senior positions, professionals were usually flown in from Europe or America.

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