Standard chartered announces a new management team, led by bill winters, group chief executive.
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It further said: “Sunil Kaushal, now Regional CEO for South Asia and CEO India, will move to a new role as Regional CEO for the combined Africa & Middle East Regions, effective from 1 October 2015″.
The new team will announce a plan to address the future performance of the group by the year end, today’s statement said.
Winters, who joined the company from JP Morgan in May, has previously given himself the target of cutting Standard Chartered’s costs by $1.8bn over the next three years, which he is thought be planning to do partly by removing overlapping layers of management.
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.
According to the bank, a new CEO for India will be appointed and announced in due course, who will report to Kanwal.
Prior to that, the group will simplify its geographic and client segment structure to reduce costs and bureaucracy and speed up decision making. The changes will gradually phase in at the company from October to be fully in place by January. “The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group’s performance by the year end”, said Winters. The team includes deputy CEO Mike Rees and CFO Andy Halford. “I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability”, Group chief executive Bill Winters said.
Standard Chartered We are a leading worldwide banking group, with more than 90,000 employees and a 150-year history in some of the world’s most dynamic markets. The new chief executive has vowed to speed up the bank’s cost-cutting drive, improve its financial strength and streamline its business.
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The bank will also regroup its client businesses under three heads – corporate and institutional, retail and commercial, and private banking.
