The new simplified organisational structure is expected to improve accountability, speed up decision making, reduce bureaucracy and play a key part in delivering the previously announced US$1.8 billion of cost savings by the end of 2017.
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The Asia-facing bank began its shake-up in May when Bill Winters joined the group and it was announced he would replace chief executive Peter Sands on June 10. “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. Winters will assume responsibility for all three of the firm’s client businesses from deputy CEO Mike Rees on October 1, when the new team is formalised.
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.
Yesterday, StanChart said that the new team would help company improve accountability, speed up decision making and reduce bureaucracy. Asean & South Asia region, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, led by Ajay Kanwal; and Europe & Americas, including the United Kingdom and the USA will be led by Tracy Clarke.
The other business regions are ASEAN and South Asia, Africa and the Middle East, Europe and Americas. “He remains Regional CEO South Asia and India CEO until this date”. A new CEO for India will be appointed and announced in due course and this role will report to Ajay Kanwal from Oct.1, 2015. He remains the CEO of Menap until September 2015, the statement said. Standard Chartered said yesterday it had formed a new management team, reporting directly to Winters, aimed at accelerating the company’s cost saving effort.
Having worked and lived in the Middle East for over 20 years, Christos is committed to the region and its strong growth potential.
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At the global level, the Group’s current structure of three client businesses supported by five product groups will be simplified, with each product now reporting into the client segment with which it has the most relevant connection. Retail Banking and Commercial Banking will be run on a country basis with regional oversight, with client and product strategy delivered by smaller and more efficient central teams under Karen Fawcett and Anna Marrs, respectively, the statement concluded.
