Standard Chartered has gone early with a capital raise and strategy revamp, but its chief executive Bill Winters is offering no quick fix.

The bank is asking shareholders for $5.1 billion and scrapping the year-end dividend. It is aiming for an 8% return on equity by 2018 and a 10% return by 2020. And it is doing this before the results of Bank of England stress tests that have focused on the markets to which Standard Chartered is most exposed.