Standard Chartered has announced changes to its group management system to make a simple and more efficient firm.
The bank is aiming for a right group management team for Standard Chartered.
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In addition, this will come into place to reduce complexity and sharpen the focus on driving strong, sustainably higher returns through each business line.
Roberto Hoornweg, currently global head, financial markets and Sunil Kaushal, currently regional CEO, Africa & Middle East, have been appointed co-heads of corporate & investment banking (CIB).
As a result, Simon Cooper will leave the group management team at Standard Chartered and the group as a whole.
Furthermore, the regional dimension is being removed from the bank’s structure. Hoornweg will take on leadership for Europe, Americans, Middle East and Africa, while Kaushal will look after ASEAN and South Asia markets.
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By GlobalDataJudy Hsu, CEO, Consumer, Private and Business Banking (CPBB) will take on responsibility for Greater China and North Asia market.
Also, Ben Hung, current CEO of Asia, will assume the new role of president, international.
Bill Winters, group chief executive, said: “As we announced at our Full Year 2023 results, we are taking action to build on our momentum and deliver sustainably higher returns. These changes will ensure we have the strongest possible team in place, with clear accountabilities, to drive our transformation efforts and bring renewed intensity to our focus on increased growth and returns through each of our business lines.
“I would like to thank Simon Cooper for his contribution to Standard Chartered over the past eight years. He has led a substantial transformation in our Corporate, Commercial and Institutional Banking business, which has been instrumental in delivering sustainable returns.”
Earlier in the year, Standard Chartered banned new investments by its Chinese clients into offshore assets through a quota-based channel, despite a rise of interest for foreign investments owing to local market and currency weakness.
