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Management shake-up at StanChart

Standard Chartered Bank has announced a major management shake-up. The bank said its has appointed a 13-member management team which will now report directly to the new chief executive Bill Winters, who took over in June. There will be no one directly reporting to Mike Rees, deputy chief executive. He will also lose responsibility for all three of Standdard Chartered’s main operations, which includes the bank’s retail and commercial banking arms. Winters said the bank needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability and speed up decision-making. The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group’s performance by the year-end, he added.

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