Standard Chartered Overhauls Business, Key Board Members Step Down
The international banking group, Standard Chartered, has reorganised its business and made changes to the bank’s board, in an effort to deliver better financial results.
The international banking group, Standard Chartered, has reorganised its business and made changes to the bank’s board, in an effort to deliver better financial results. The changes were first announced at an investor day in November 2013.
Crucially, the group’s wholesale banking and consumer banking businesses are to be integrated from 1 April 2014, and run by Mike Rees who will be appointed deputy group chief executive simultaneously. He joined the group in 1990, was appointed to the board as group executive director in August 2009 and has been CEO of wholesale banking since 2002.
Rees will continue to report to group chief executive Peter Sands, as he heads up the new business. This will be divided into three new customer segment groups; corporate and institutional clients, commercial and private banking clients, and retail customers, as well as five global product groups including financial markets, corporate finance, transaction banking, wealth products and retail products.
“The reconfiguration of our business is a critical next step as we implement our refreshed strategy and reinvigorate our growth momentum. This will sharpen our focus on distinct customer segments, enabling us to deploy capital, liquidity and investment spend more effectively, and deliver both productivity gains and improvements in the quality of the service and products we offer our customers,” said Sands.