Standard Chartered PLC, a leading financial services group, has announced a significant overhaul of its group management structure, effective from 1 April 2024. This initiative is designed to streamline the organization, ensuring a leadership framework that is adept at reducing operational complexity and enhancing the focus on achieving robust and sustainable returns across all business lines.
The reshuffling introduces Roberto Hoornweg, the present Global Head of Financial Markets, and Sunil Kaushal, the current Regional CEO for Africa & Middle East, as the new Co-Heads of Corporate & Investment Banking (CIB). This appointment marks a transition from the previous structure known as Corporate, Commercial, and Institutional Banking (CCIB). As part of the organizational realignment, Simon Cooper will be departing the group to explore new ventures.
A noteworthy aspect of the restructuring is the removal of the regional dimension from its framework. This decision is aimed at fostering clear accountability and enhancing the global prioritization of business lines. Under this new structure, Roberto Hoornweg will also oversee markets in Europe, the Americas, the Middle East, and Africa, operating out of Dubai. Concurrently, Sunil Kaushal will take charge of the ASEAN and South Asia markets, based in Singapore.
In addition, Judy Hsu, who currently serves as CEO of Consumer, Private, and Business Banking (CPBB), will expand her responsibilities to include the Greater China and North Asia markets after relocating to Hong Kong from Singapore. Meanwhile, Ben Hung, presently the CEO of Asia, will transition into the role of President, International, focusing on global client delivery while maintaining a balance between global business strategies and local market needs. Until Judy Hsu completes her move to Hong Kong, Ben will continue to oversee the GCNA markets.
Another significant appointment is that of Tanuj Kapilashrami, the Group Head of Human Resources (HR), who will now serve as the Chief Strategy and Talent Officer. This expanded role will encompass HR, Strategy, Corporate Affairs, Brand and Marketing, Supply Chain Management, and Property.
Bill Winters, the Group Chief Executive of Standard Chartered, expressed his optimism regarding the restructuring, stating, “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.”
Winters also extended his gratitude to Simon Cooper for his significant contributions over the past eight years, acknowledging his role in the substantial transformation of the Corporate, Commercial, and Institutional Banking business, which has been pivotal in delivering sustainable returns.
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