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Standard Chartered to double investment in wealth management as profits rise

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Standard Chartered to double investment in wealth management as profits rise

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Standard Chartered has said it will double investment in its wealth management business and shift its focus towards affluent individuals and global institutions after pre-tax profits rose in the third quarter.

The UK-based bank on Wednesday reported underlying profits before tax of $1.8bn, up from $1.3bn a year earlier and above analysts’ estimates of $1.6bn. A 32 per cent rise in revenue from the wealth business, which had a record quarter, boosted results.

The earnings came as the bank announced a shift in its operations to focus less on smaller domestic businesses and regular retail clients, and more on affluent individuals and larger international companies.

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The changes would “further simplify our business and help us to generate higher-quality growth”, said chief executive Bill Winters in a statement.

StanChart raised its revenue guidance and targets for return on tangible equity, a key measure of profitability, as well as distributions to shareholders. It said it now aimed to return $8bn to shareholders between 2024 and 2026, up from a previous goal of at least $5bn.

The bank said it would reshape its retail banking business to focus on “building a strong pipeline” of affluent and international clients, and would focus on bigger international clients within its corporate and investment bank.

“We will reduce the number of clients whose needs do not play directly to our strengths,” it said, adding that it was considering the sale of “a small number of” businesses that are not core to its aims.

The emerging markets-focused bank said it would invest about $1.5bn over five years in its wealth business, including hiring more relationship managers and investment advisers to work for affluent clients — twice what it had previously planned to invest in the business.

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“The first thing is that we are winning” in wealth management, chief financial officer Diego De Giorgi said on a call with reporters. “It’s very clear that we are gaining market share . . . we are gaining new clients and our existing clients are putting more money with us.”

Hong Kong, Singapore and Dubai “clearly will receive a lot of attention” in the investment push, he said, though there would be investment “across the network”.

The lender is under pressure to grow in areas less dependent on interest income, as rates start to fall after a series of rises boosted profitability in recent years.

Its reported pre-tax profits were $1.7bn, up from $633mn a year ago when the figure accounted for a near-$700mn impairment charge on its stake in China Bohai Bank.

StanChart said its underlying revenues of $4.9bn were its best of any third quarter since 2015, the year Winters took the helm.

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Income in the bank’s markets unit rose 16 per cent, partly because of higher foreign exchange and credit trading. 

Net interest income rose 9 per cent, which the bank said was partly due to hedging. Its closely watched net interest margin, the difference between the interest received on loans and the rate paid for deposits, rose to 2 per cent, up from 1.6 per cent a year ago.

The bank’s return on tangible equity was 10.8 per cent in the quarter, more than the 7 per cent a year earlier and beating analysts’ expectations of 10.3 per cent.

But the bank took a $16mn impairment charge in its ventures unit, which invests in start-ups, mostly because of its digital bank Mox, though it said delinquency rates at the start-up had improved.

It also reported a $34mn provision related to the risk of clients’ exposure to Hong Kong commercial real estate, where it said an oversupply of office space was an “area of concern”.

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The bank has more exposure to commercial property lending in Hong Kong than in any other market. Its rival HSBC has been hit by a sixfold surge in defaulted commercial property loans in the territory.

StanChart shares are now just below the level when Winters took charge in June 2015, having risen 36 per cent since the start of this year. Its Hong Kong-listed shares rose as much as 3 per cent on Wednesday.

The bank has been under pressure to boost its stock since it trades at a discount to book value. In February, Winters lamented the bank’s “crap” share price, saying it did not reflect its true value.

De Georgi said “no one should ever be satisfied about a stock price” but that he was pleased about the rise in 2024.

StanChart this year said it planned to save about $1.5bn over the next three years by simplifying systems under a plan called “Fit for Growth”.

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De Georgi said 80 per cent of the programmes under that plan — which include standardising the use of technology platforms and making use of large language models — would each lead to savings of $10mn or less.

“It derisks the programme because no single part of it can create trouble to the delivery of the programme and the achievement of our objectives,” he said.  

Costs rose 3 per cent year on year in the third quarter, which the bank said was due to inflation and business growth.

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What to know about Kilmar Abrego Garcia’s release from immigration custody

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What to know about Kilmar Abrego Garcia’s release from immigration custody

BALTIMORE — Kilmar Abrego Garcia, whose mistaken deportation helped galvanize opposition to President Donald Trump’s immigration policies, was released from immigration detention on Thursday, and a judge has temporarily blocked any further efforts to detain him.

Abrego Garcia currently can’t be deported to his home country of El Salvador thanks to a 2019 immigration court order that found he had a “well founded fear” of danger there. However, the Trump administration has said he cannot stay in the U.S. Over the past few months, government officials have said they would deport him to Uganda, Eswatini, Ghana and, most recently, Liberia.

Abrego Garcia is fighting his deportation in federal court in Maryland, where his attorneys claim the administration is manipulating the immigration system to punish him for successfully challenging his earlier deportation.

Here’s what to know about the latest developments in the case:

Abrego Garcia is a Salvadoran citizen with an American wife and child who has lived in Maryland for years. He immigrated to the U.S. illegally as a teenager to join his brother, who had become a U.S. citizen. In 2019, an immigration judge granted him protection from being deported back to his home country.

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While he was allowed to live and work in the U.S. under Immigration and Customs Enforcement supervision, he was not given residency status. Earlier this year, he was mistakenly deported to El Salvador, despite the earlier court ruling.

When Abrego Garcia was deported in March, he was held in a notoriously brutal Salvadoran prison despite having no criminal record.

The Trump administration initially fought efforts to bring him back to the U.S. but eventually complied after the U.S. Supreme Court weighed in. He returned to the U.S. in June, only to face an arrest warrant on human smuggling charges in Tennessee. Abrego Garcia was held in a Tennessee jail for more than two months before he was released on Friday, Aug. 22, to await trial in Maryland under home detention.

His freedom lasted a weekend. On the following Monday, he reported to the Baltimore immigration office for a check-in and was immediately taken into immigration custody. Officials announced plans to deport him to a series of African countries, but they were blocked by an order from U.S. District Judge Paula Xinis in Maryland.

On Thursday, after months of legal filings and hearings, Xinis ruled that Abrego Garcia should be released immediately. Her ruling hinged on what was likely a procedural error by the immigration judge who heard his case in 2019.

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Normally, in a case like this, an immigration judge will first issue an order of removal. Then the judge will essentially freeze that order by issuing a “withholding of removal” order, according to Memphis immigration attorney Andrew Rankin.

In Abrego Garcia’s case, the judge granted withholding of removal to El Salvador because he found Abrego Garcia’s life could be in danger there. However, the judge never took the first step of issuing the order of removal. The government argued in Xinis’ court that the order of removal could be inferred, but the judge disagreed.

Without a final order of removal, Abrego Garcia can’t be deported, Xinis ruled.

The only way to get an order of removal is to go back to immigration court and ask for one, Rankin said. But reopening the immigration case is a gamble because Abrego Garcia’s attorneys would likely seek protection from deportation in the form of asylum or some other type of relief.

One wrinkle is that immigration courts are officially part of the executive branch, and the judges there are not generally viewed as being as independent as federal judges.

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“There might be independence in some areas, but if the administration wants a certain result, by all accounts it seems they’re going to exert the pressure on the individuals to get that result,” Rankin said. “I hope he gets a fair shake, and two lawyers make arguments — somebody wins, somebody loses — instead of giving it to an immigration judge with a 95% denial rate, where everybody in the world knows how it’s gonna go down.”

Alternatively, the government could appeal Xinis’ order to the 4th U.S. Circuit Court of Appeals and try to get her ruling overturned, Rankin said. If the appeals court agreed with the government that the final order of removal was implied, there could be no need to reopen the immigration case.

In compliance with Xinis’ order, Abrego Garcia was released from immigration detention in Pennsylvania on Thursday evening and allowed to return home for the first time in months. However, he was also told to report to an immigration officer in Baltimore early the next morning.

Fearing that he would be detained again, his attorneys asked Xinis for a temporary restraining order. Xinis filed that order early Friday morning. It prohibits immigration officials from taking Abrego Garcia back into custody, at least for the time being. A hearing on the issue could happen as early as next week.

Meanwhile, in Tennessee, Abrego Garcia has pleaded not guilty in the criminal case where he is charged with human smuggling and conspiracy to commit human smuggling.

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Prosecutors claim he accepted money to transport, within the United States, people who were in the country illegally. The charges stem from a 2022 traffic stop in Tennessee for speeding. Body camera footage from a Tennessee Highway Patrol officer shows a calm exchange with Abrego Garcia. There were nine passengers in the car, and the officers discussed among themselves their suspicions of smuggling. However, Abrego Garcia was eventually allowed to continue driving with only a warning.

Abrego Garcia has asked U.S. District Court Judge Waverly Crenshaw to dismiss the smuggling charges on the grounds of “selective or vindictive prosecution.”

Crenshaw earlier found “some evidence that the prosecution against him may be vindictive” and said many statements by Trump administration officials “raise cause for concern.” Crenshaw specifically cited a statement by Deputy Attorney General Todd Blanche on a Fox News Channel program that seemed to suggest the Justice Department charged Abrego Garcia because he won his wrongful-deportation case.

The two sides have been sparring over whether senior Justice Department officials, including Blanche, can be required to testify in the case.

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Afghan CIA fighters face stark reality in the U.S. : Consider This from NPR

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Afghan CIA fighters face stark reality in the U.S. : Consider This from NPR

A makeshift memorial stands outside the Farragut West Metro station on December 01, 2025 in Washington, DC. Two West Virginia National Guard troops were shot blocks from the White House on November 26.

Heather Diehl/Getty Images


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Heather Diehl/Getty Images

They survived some of the Afghanistan War’s most grueling and treacherous missions. 

But once they evacuated to the U.S., many Afghan fighters who served in “Zero Units” found themselves spiraling. 

Among their ranks was Rahmanullah Lakanwal, the man charged with killing one National Guard member and seriously injuring a second after opening fire on them in Washington, D.C. on Thanksgiving Eve.

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NPR’s Brian Mann spoke to people involved in Zero Units and learned some have struggled with mental health since coming to the U.S. At least four soldiers have died by suicide. 

For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.

This episode was produced by Erika Ryan and Karen Zamora. It was edited by Alina Hartounian and Courtney Dorning.

Our executive producer is Sami Yenigun.

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Video: Behind the Supreme Court’s Push to Expand Presidential Power

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Video: Behind the Supreme Court’s Push to Expand Presidential Power

new video loaded: Behind the Supreme Court’s Push to Expand Presidential Power

For more than a decade, the Supreme Court’s conservative majority has chipped away at Congress’s power to insulate independent agencies from politics. Now, the court has signaled its willingness to expand presidential power once again.

By Ann E. Marimow, Claire Hogan, Stephanie Swart and Pierre Kattar

December 12, 2025

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