As the FT's Martin Arnold reported, Mr Sands, one of the longest serving chief executives at any large global bank, has been blamed by Singapore's Temasek and the UK's Aberdeen Asset Management, which together own almost 30 per cent of the bank, for not responding fast enough to a reversal of StanChart's fortunes.

StanChart came through the financial crisis in decent shape but issued three profits warnings last year, hit by a slowdown in emerging markets and rising impairments because of its high exposure to commodities and to some heavily indebted borrowers.
、