If Standard Chartered hoped to reassure investors by announcing a business reorganisation and senior management reshuffle Thursday, it could hardly have been more disappointed. Its shares closed down 2.2% in response. That only added insult to injury: in 2013, a banner year for stocks globally, the bank's shares fell nearly 14%.

The reality is that Standard Chartered's forte-its focus on emerging markets-is no longer flavour of the month. It will need more than an internal reshuffle to win back support.