Standard Chartered Bank has simplified its organisational structure to improve accountability, speed up decision-making and reduce bureaucracy as the global bank moves to make cost savings of $1,8 billion by 2017.
BY BUSINESS REPORTER
The bank appointed a new group regional chief executive officer (CEO) of Africa and the Middle East. It said India chief executive officer Sunil Kaushal, will move to be regional CEO of Africa and the Middle East effective from October 1 2015.
“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,” group CEO Bill Winters said.
“I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability.”
The group instituted a new geographical structure that will rationalise the eight existing regions into four new regional businesses. It said current Africa CEO Diana Layfield has decided to leave the group for personal reasons.
The structure will have the Greater China and North Asia, including Hong Kong, China, Korea, Japan, and Taiwan, led by Ben Hung. ASEAN and South Asia, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, will be led by Ajay Kanwal.
Africa and Middle East, which includes Southern, West and East Africa, Pakistan and the UAE, led by Kaushal while Europe and Americas, including the UK and the US, will be led by Tracy Clarke.