Standard Chartered announces $1.5 billion share repurchase despite profit miss

• Standard Chartered Plc announced a new $1.5 billion share buyback program.
• The bank reported an adjusted pretax profit of $1.24 billion for the December quarter, missing analyst estimates of $1.38 billion.
• Strong performance in wealth and global banking was offset by weaker trading income.
• The results follow the unexpected departure of CFO Diego De Giorgi, who left to join Apollo Global Management Inc.
• De Giorgi's exit, after two years and his association with the "Fit for Growth" program, caused investor concern and a stock drop.