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Standard Chartered may appoint new advisers

Standard Chartered is believed to be replacing its banking advisers, UBS and JPMorgan, and has called on rival investment banks.

According to a report in Reuters, the bank, which is struggling to turn around its business following a fall in annual profits and a dip in share price, appointed UBS and JPMorgan as corporate brokers, who act as a link between a listed firm and investors.

Reuters quoted a Standard Chartered spokesman as saying: "We can confirm we’re conducting a review of our corporate broking relationships. The review will include our current brokers, and we will make an announcement in due course."

The Asia-focused bank may see a second successive dip in yearly earnings this year. This year, its share price fell 31%.

This has mounted pressure on chief executive Peter Sands.