HONG KONG: Incoming Standard Chartered chief executive Bill Winters plans to supervise the bank’s regional units more directly than his predecessor when he assumes the job in a month.
Winters has asked the bank’s eight regional leaders to report directly to him when he takes over from Peter Sands on June 10, said two people with knowledge of the matter.
StanChart hired Winters, a former co-head of JPMorgan Chase investment bank, to take over after Sands failed to reverse a drop in earnings and a slump in shares over the past two years.
The lender, which generates most of its earnings in Asia, is eliminating some 4,000 jobs to help save about US$1.8 billion (HK$14.04 billion) in costs through 2017.
Among the new CEO’s first tasks will be to forge a new management team after the departure of former Europe, Middle East, Africa and Americas CEO Viswanathan Shankar and ex-Asia head Jaspal Bindra.
Both will leave the bank next month.
