Chase CEO: ‘I want to work with people who care about the business’

Chase CEO John Thain has said the bank’s board of directors have a “big job” to manage the bank.

The company’s board met on Monday and unanimously approved a five-year plan for the bank, which was revealed on Wednesday as it sought to re-enter the US market.

Mr Thain told the BBC’s Inside Business programme the plan would include “big structural changes” to the banking structure.

Mr Chase said the plan was a “very clear direction” from the board and the board “will be able to deliver”.

He said the “greatest challenge” of his time at the bank was to help “move Chase to a place where we can be a very successful bank”.

“It is a great honour for me to lead Chase to the top,” Mr Thais said.

“It means so much to me that we are going to have a great job to do to move Chase to where we want to be.”

The bank has already announced a number of major structural changes in the last few months.

It will cut its workforce by 15 per cent, cut interest rates by one per cent and make its annual bonuses smaller.

Mr Shultz said that was “an important part of our plan to reestablish profitability and grow our shareholder value”.

Mr Shantz said the aim was to be able “to invest as much money as possible” and grow the company by “creating a culture of innovation”.

Chase’s plan was released as the bank seeks to rejoin the US stock market.

It said it would be opening more branches in the US and expanding its business by hiring more staff.

“We will continue to work closely with our investors to achieve a successful return on capital and achieve the bank and its employees the highest possible standard of living,” it said.

Chase has been struggling in the past few months as US stock markets have fallen.

The bank said last month it was looking to cut costs, but it had not provided any further details.

The US market is expected to drop further this year, with some analysts predicting a 2.2 per cent fall this year.

US stock prices have slumped more than 90 per cent over the past year, wiping out more than $3 trillion in market value.

Chase is a global bank with branches in Canada, Mexico, Australia, South Korea and China.