Standard Chartered tweaks management structure

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.

Rees joined the bank in 1990, rising to become deputy CEO under Sands in April 2014.

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. He is also expected to shut down areas of the bank that are unprofitable.

In a major management structure rejig, Standard Chartered Group on Monday it will divide its regional businesses across the world into four major regions instead of eight at present.

New regional businesses and client businesses report to bill winters with effect from 1 october 2015.

Commenting on the changes, Sunil Kaushal, said, “These are exciting times for Standard Chartered and I am looking forward to building further our excellent franchises across the Middle East and Africa”.

The appointments would be formalised on 1 October, StanChart said, adding that the new structure would be fully in place by 1 January, 2016.

“The group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making”. He will also be responsible for Brand and Marketing.

The regional businesses include Greater China and North Asia, Asean and South Asia, Africa and the Middle East, and Europe and the Americas. 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. 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.

The new client and regional businesses will continue to be supported by centralised global functions, the bank added.

In India, Standard Chartered has seen mixed performance.