HONG KONG-New Standard Chartered PLC Chief Executive Bill Winters on Monday announced a reorganization of the bank’s structure that will result in the executive taking greater control of the lender.
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New chief executive Bill Winters has barely been at the helm of Standard Chartered a month, but he’s already made his presence felt after the bank confirmed a shakeup of its management team this morning.
Standard Chartered has announced simplification of its organisational structure that will improve accountability, speed up decision making, reduce bureaucracy, and play a key part in delivering the previously announced $1.8 billion of cost savings by the end of 2017. In a media statement, the bank said that the management team will deliver a plan to address the future performance of the group by the year-end, and put in place the new structure.
The group’s new geographical structure will rationalise the eight existing regions into four new regional businesses – ASEAN and South Asia (including India) led by Ajay Kanwal; Africa and Middle East led by Sunil Kaushal; Greater China and North Asia led by Ben Hung; and Europe and America led by Tracy Clarke. He remains as India CEO until this date, the bank said.
The 13-member group will develop a plan by year-end to improve performance, the bank said Sunday.
The changes will see the role of deputy CEO Mike Rees reduced as he will no longer receive direct reports.
The appointments would be formalised on 1 October, StanChart said, adding that the new structure would be fully in place by 1 January, 2016. Both continents have strong trade and investment ties to India, playing to Standard Chartered’s history and expertise, and contain numerous most dynamic economies on the planet. The panel includes heads of the three client businesses, as well as regional and operational chiefs in a restructuring to simplify the firm’s geographic and client divisions.
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The new client and regional businesses will continue to be supported by centralised global functions, the bank added. The Corporate & Institutional Banking (C & IB) will include transaction banking, corporate finance and financial markets, and will be led by Mark Dowie.
