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Standard Chartered (SC) has announced changes to its group management structure from April 1, 2024, according to a March 12 media release.
Amid the changes, Roberto Hoornweg, currently SC's global head, financial markets and Sunil Kaushal, SC's regional chief executive officer (CEO), Africa & Middle East, are to become co-heads of Corporate & Investment Banking (CIB) (previously Corporate, Commercial and Institutional Banking (CCIB)).
Simon Cooper, SC’s head of investment banking, will leave the bank “to pursue other interests”, according to the statement. Cooper had long been considered as a potential future CEO at the bank.
The regional dimension will be removed from the structure. As a result, in addition to co-leading CIB, Hoornweg will take on responsibility for Europe, Americas, Middle East and Africa markets, based in Dubai. Kaushal will take on responsibility for Asean and South Asia markets, based in Singapore.
Judy Hsu, CEO, Consumer, Private and Business Banking (CPBB) will take on responsibility for Greater China and North Asia markets, in addition to her ongoing responsibility for CPBB. Hsu will relocate to Hong Kong from Singapore.
Ben Hung, currently the bank's Asia CEO will take on the new role of president, international, focusing on SC's clients, balancing the need to drive global business strategies and maintaining appropriate local focus, according to the statement. Until Hsu completes her move to Hong Kong, Hung will continue to oversee Greater China and North Asia.
Tanuj Kapilashrami, currently group head, human resources (HR), will assume a new role of chief strategy and talent officer. In addition to HR, Kapilashrami will take on responsibility for strategy, corporate affairs, brand and marketing, supply chain management and property.
Bill Winters, SC's group chief executive, commented in a statement: “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 added: “I would like to thank Simon Cooper for his contribution to Standard Chartered over the past eight years. He has led a substantial transformation in our Corporate, Commercial and Institutional Banking business, which has been instrumental in delivering sustainable returns.”
Meanwhile on January 11, Jacon Berman was appointed as CEO of SC's Australian branch.
