Standard Chartered unveils changes to organization structure
The Group seeks to sharpen focus on personal clients and integrates its Asian network business.
Standard Chartered PLC today announces that, effective January 1, 2021, it will update its organisation structure.
The Group’s individual clients and related products (Retail Banking, Private Banking, and Wealth Management) will be combined within a new business – Consumer, Private and Business Banking (CPBB). This business will be led by Judy Hsu, currently Regional CEO, ASEAN and South Asia.
Her responsibilities will include growing the affluent client base, for whom the Group manages assets worth over $200 billion, developing the Group’s innovative mass-market digital banking solutions, and delivering further efficiencies in the combined business, in each case working closely with our Regional CEO’s. In her new role, Ms Hsu will continue to be based in Singapore.
Furthermore, the Greater China & North Asia and ASEAN & South Asia regions will be combined into a new Asia region led by Ben Hung, currently Regional CEO, Greater China and North Asia and CEO, Retail Banking and Wealth Management. This will allow the Group to better leverage its international network to facilitate increasing trade and investment flows across the Asia region, while continuing to pursue strategic opportunities in China’s Greater Bay Area, and to capitalise on the wealth and business opportunities ASEAN presents. Ben Hung will continue to be based in Hong Kong.
Tracy Clarke, Regional CEO, Europe & Americas and CEO, Private Bank, will retire at the end of 2020 to focus on her external board roles. Torry Berntsen who is currently CEO, Americas, will assume Europe & Americas leadership. He will report into Simon Cooper, head of the recently fully integrated Commercial Banking and Corporate & Institutional Banking businesses and currently CEO, Corporate, Commercial & Institutional Banking (CCIB). Simon Cooper will continue to be based in Singapore.
Bill Winters, Group Chief Executive, said:
“These changes will further strengthen our business with individual clients, supporting growth in all aspects of this profitable and differentiated business. Separately, the increased focus on connecting our Asian business will allow us to better serve our corporate and institutional clients as they develop their businesses across these dynamic markets.
These changes will lead to expansion of the scope and responsibilities of several senior roles below the Group’s Management Team, improving management bench-strength and accelerating our pursuit of a more diverse, performance-orientated and innovative culture”.