HONG KONG (Reuters) – Standard Chartered Plc Chief Executive 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.
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The 13-member group will develop a plan by year-end to improve performance, the bank said Sunday.
Sunil Kaushal, now India and South Asia CEO, will move to a new role as Regional CEO, Africa & Middle East, effective from October 1, 2015.
The new management structure is part of a “simplification of its organizational 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”, the bank said in a statement on Monday.
“I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability”. The new Management Team will meet with immediate effect, with the appointments formalised on 1 October 2015, the company said.
The new client and regional businesses will continue to be supported by centralised global functions, the bank added. Winters, a former JPMorgan banker, took over in June.
STANDARD CHARTERED will unveil a top-level shake-up this week that is widely expected to see the deputy chief executive sidelined. The firm had reported a 30 percent drop in pretax profit in 2014, hurt by legal bills.
The bank added that its regional structure will be reduced from eight regions to four – Greater China and north Asia, Southeast and South Asia, Africa and the Middle East and Europe and the Americas.
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Rees was the best paid board member last year after being awarded $65 million in the five years after the financial crisis, according to company filings.
