(09 September 2020 – United Kingdom) Standard Chartered have announced a formal restructuring of its banking units and senior executive staff.
This process will include the merge of retail, private and business banking divisions which will be led by the South Asia executive – Judy Hsu. Also, the integration of two Asian banking units which will be led by the Greater China and North Asia executive – Ben Hung.
Principally, CEO Bill Winters aims to minimise the number of senior executive roles primarily to reduce costs. Sluggish economic growth, Covid-19 and low interest rates have been the core reasons behind these decisions.
“Banks are responding swiftly to the changes in global markets and reacting to potential threats on the horizon. Efficiency must be a priority for banks to survive the next 12 months” commented East & Partners Europe Market Analyst, Pierre Sokoya.