A Singapore team leader has left Standard Chartered Private Bank.
A Standard Chartered managing director, Lena Ho, has left at the firm's private banking division in Singapore. It is not clear at the moment what her next role would be.
When contacted by finews.asia, A spokesperson for the bank confirmed the departure but did not comment further on the move or succession plans.
Underperforming Unit
Standard Chartered Private Bank is led by Singapore-based Didier von Daeniken, who joined in 2016. In March, efinancialcareers reported that despite von Daeniken's efforts to rebuild the firm's private banking division, many of its relationship managers are being successfully targeted by rivals.
According to the publication, Standard Chartered is finding it difficult to recruit relationship managers because private banking is an underperforming unit at the firm. The division made an operating loss of $14 million in 2018, up from $1 million in 2017. In contrast, Credit Suisse’s private bank in Asia made a profit of $548 million last year.
