Date
19 January 2017
The top leadership will report to chief executive Bill Winters (above) under the sweeping revamp. Photo: Bloomberg
The top leadership will report to chief executive Bill Winters (above) under the sweeping revamp. Photo: Bloomberg

Standard Chartered halves business regions in steep cost-cutting

Standard Chartered Plc. (02888.HK) is consolidating its eight business regions into four to cut costs by US$1.8 billion by 2017.

The top leadership, comprised of 13 senior executives, will directly report to Bill Winters, the bank’s new chief executive, according to the Hong Kong Economic Journal.

They include three executive directors, client services and regional chief executives and functional heads who were previously reporting to deputy chief executive Mike Rees.

The revamp will be carried out in phases from October and be fully implemented in January.

Benjamin Hung, who heads the Greater China business, will have the added role of chief executive for North Asia, overseeing Japan and South Korea.

The other business regions are ASEAN and South Asia, Africa and the Middle East, Europe and Americas. 

Mizuho Securities said the restructuring is expected to take two years.

[Chinese version中文版]

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