StanChart’s European CEO set to depart
(14 June 2016 – United Kingdom) Standard Chartered’s chief executive officer for Europe, Richard Holmes, is leaving after eight years at the London-based lender amid Bill Winters's management overhaul.
From the beginning of August, his duties will be handled by Tracy Clarke, who was promoted to regional CEO for Europe and the Americas. Clarke is also head of compliance and human resources.
Holmes told reporters he will spend more time on charity work and consider non-executive boardroom positions.
The bank’s CEO, Winters, has replaced several executives and is cutting around 15,000 jobs worldwide to help save US$2.9 billion (A$3.9 billion) in costs. Winters increased his oversight by appointing a 13-member management team reporting directly to him and reduced the number of regional heads to four, including China and North Asia, South Asia, and Africa and the Middle East.
Holmes said he'd been asked to stay on at the bank for the last year to assist the bank’s management restructure.
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