In an announcement over the weekend Standard Chartered PLC “the Group” has announced a simplification of its organisational structure that it hopes will improve accountability, speed up decision making, reduce bureaucracy and play a key part in delivering the previously announced US$1.8bn of cost savings by the end of 2017. There was no direct mention of job losses however the restructuring is aiming for greater efficiencies. The Asian operations have not been significantly changed.
There are two key elements to the reorganisation. The Group will be overseen by a new 13 strong Management Team reporting to Bill Winters, and comprising the three Group Executive Directors, plus client and regional CEOs and functional heads. The new Management Team will meet with immediate effect, with the appointments formalised on 1 October 2015.
The simplified organisational structure will be phased in from 1 October 2015, and will be fully in place by 1 January 2016. The Group’s financial reporting will be based on the new structure from 1 January 2016.
Group Chief Executive Bill Winters said, “The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. 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. 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 comprise:
- Bill Winters, Group Chief Executive
- Mike Rees, Deputy Group Chief Executive
- Andy Halford, Group Chief Financial Officer
- Tracy Clarke, Group Compliance & HR and Regional CEO, Europe & Americas
- Mark Dowie, interim CEO, Corporate & Institutional Banking
- Karen Fawcett, CEO, Retail Banking
- David Fein, Group General Counsel
- Michael Gorriz, Group Chief Information Officer
- Doris Honold, Group Chief Operating Officer
- Ben Hung, Regional CEO, Greater China & North Asia
- Ajay Kanwal, Regional CEO, ASEAN & South Asia
- Sunil Kaushal, Regional CEO, Africa & Middle East
- Anna Marrs, CEO, Commercial & Private Banking
- Pam Walkden, interim Group Chief Risk Officer
- Greater China & North Asia, including Hong Kong, China, Korea, Japan and Taiwan, led by Ben Hung.
- ASEAN & South Asia, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, led by Ajay Kanwal.
- Africa & Middle East, which includes Southern, West and East Africa, Pakistan and the UAE, led by Sunil Kaushal.
- Europe & Americas, including the UK and the US, led by Tracy Clarke.
