This morning Standard Chartered the new structure will mean its 13-strong management team will report to Winters, comprising “three group executive directors, plus client and regional chief executives and functional heads”. 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. He remains as India CEO until this date.
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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.
Greater China & North Asia, including Hong Kong, China, Korea, Japan, and Taiwan, led by Ben Hung. A new CEO for India will be appointed and announced in due course.
Europe & Americas, including the United Kingdom and the USA, led by Tracy Clarke.
Announcing a new management team, Standard Chartered said Ajay Kanwal will head the bank’s Asean and South Asia operations, including India.
According to the bank, the move is aimed at improving accountability, speeding up decision making and reducing bureaucracy. He remains the CEO of MENAP until 30 September 2015.
India will be included in the Asean & South Asian region, to be headed by Ajay Kanwal.
The revamp will be carried out in phases from October and be fully implemented in January.
Papadopoulos has been the CEO for Menap for the last five years, and led the establishment of StanChart’s Capital Markets business in Saudi and the bank’s strategic organic entry into Iraq, the statement added. Earlier this year Viswanathan Shankar, the Dubai-based head of its business in Europe, the Middle East, Africa and the Americas resigned.
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Meanwhile, Winters will assume responsibility from Rees for its corporate and institutional banking, commercial and private banking and retail banking arms at the beginning of October, while Rees will take control of brand and marketing and chief financial officer Andy Halford will take responsibility for group investor relations, corporate real estate services and global sourcing.
