Simplification of its organisational structure to improve accountability, speed up decision making, reduce bureaucracy and play a key part in delivering previously announced us$1.8bn of cost savings by end of 2017.
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In a major reshuffle of its top deck, Standard Chartered Bank today appointed Ajay Kanwal as head of the ASEAN & South Asia region including India and will also appoint a new chief executive for India operations as its present CEO Sunil Kaushal, will lead the Africa and Middle East business.
As per the group’s new geographical structure, there will be four new regional businesses, changing from the eight existing regions.
Sunil Kaushal, now the regional CEO for South Asia and India, will move to a new role as regional CEO for Africa & Middle East, also from October 1.
Bill Winters will take more direct responsibility for the bank’s biggest business divisions, as he seeks to restore the fortunes of the emerging markets-focused bank. The new structure will help to achieve all these critical objectives and will be in place as we communicate a comprehensive plan to address the group’s performance by year-end.
ASEAN & South Asia, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, led by Ajay Kanwal.
Standard’s new client structure will comprise: corporate and institutional banking; commercial and private banking; and retail banking.
Prior to that, the group will simplify its geographic and client segment structure to reduce costs and bureaucracy and speed up decision making.
Bill Winters will request that the seven divisional leads now report to him, rather than to his deputy Mike Rees, according to sources cited by the Sunday Times. Standard Chartered said yesterday it had formed a new management team, reporting directly to Winters, aimed at accelerating the company’s cost saving effort.
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The Group ” s current structure of three client businesses supported by five product groups will be simplified, the company added. “I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability”.
