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Jaspal Bindra to step down

35Standard Chartered Bank announced Jaspal Bindra, group executive director and chief executive officer for Asia is to step down from his position at the end of April, as part of a broad management shakeup. The bank also said Peter Sands, chief executive and chairman, too will be leaving the bank in June. Sands has been on the firing range from the shareholders for the falling share price of the bank. It is expected that Bill Winters, former head of JPMorgan’s investment bank, will join the bank in May and take charge of the bank when Sands departs. Chairman of the bank John Peace too will quit. The bank said a further announcement about Bindra’s role will be made in due course. Bindra, 54, is among a handful of Indian-born executives who have made it to the highest echelons of the global financial industry. He had joined Standard Chartered in 1998 as the India unit’s chief executive officer. He was promoted to group executive director of the board in January 2010, and is currently based in Hong Kong.

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