It said the changes would play a key part in delivering previously announced cost savings of $1.8 billion by the end of 2017.
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[LONDON] Standard Chartered Plc Chief Executive Officer Bill Winters appointed a new management team reporting directly to him, and took over some of his deputy’s main responsibilities, as he seeks to accelerate cost cuts.
Standard Chartered has announced plans to reorganise its existing eight units into four focused business regions, with Africa grouped with the Middle East, from October “for the benefit of operational efficiency and a more client focused approach”. “The new structure will help achieve all of these critical objectives”, Winters said.
The simplified organisational structure will be phased in from October 1, 2015, and will be fully in place by January 1, 2016.
The new 13-member management team, comprising the three group executive directors, plus client and regional CEOs and functional heads, will have primary responsibility for executing Standard Chartered’s strategy and will work with Winters on a plan to address the company’s performance challenges.
According to the bank, the move is aimed at improving accountability, speeding up decision making and reducing bureaucracy.
The regions are: Greater China and North Asia; ASEAN and South Asia; Africa and Middle East; and Europe and Americas. He remains as Regional CEO South Asia and India CEO until this date.
Over the last five years as the CEO for MENAP, and under his leadership, Christos Papadopoulos has successfully positioned the UAE as one of the top contributors of income and profit to the Bank.
Liverpool FC shirt sponsor Standard Chartered has unveiled its new management team and structure.
India will be included in the Asean & South Asian region, to be headed by Ajay Kanwal. Earlier this year Viswanathan Shankar, the Dubai-based head of its business in Europe, the Middle East, Africa and the Americas resigned. “I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability”. 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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Corporate & Institutional Banking “C&IB” will include Transaction Banking, Corporate Finance and Financial Markets, and will be led by Mark Dowie.
