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Standard Chartered Plc, the British multinational banking and financial services company, is set to overhaul its top deck.
William Thomas (‘Bill’) Winters, 53, will replace Peter Sands as group chief executive in June. The reshuffle will include the bank’s chairman, John Peace, and group executive director and Asia chief executive officer, Jaspal Bindra, stepping down from the board of directors.
Peace will step down from the board as chairman during the course of 2016, allowing time for Winters’ transition into the new role and to ensure board-level continuity. A statement from the London-headquartered lender said Bindra would step down from the board with effect from end- April and leave the group shortly after.
Sands was reportedly under pressure from investors as the share price had been falling for the past two years amid a series of scandals, including sanctions violations. The bank recently closed some of its businesses to save cost.
Many believe this will create opportunities for those in charge of large markets such as Hong Kong, Greater China, India and the South Asia region. “In the past one year, a dozen senior executives have left, including four or five from top leadership groups. While the bank will probably fill some of these with people from outside, there will also be a follow-through impact, creating opportunities for executives in the extended leadership group,” said a person familiar with the development.
Winters, a former co-chief executive officer of JPMorgan Chase and Company’s investment bank, is known for people skills and willingness to groom talents. “There could be bigger roles for some of the executives leading Standard Chartered’s businesses in large geographies,” said a banker.
India is its third largest market by revenue, after Hong Kong and Singapore. The bank is the largest foreign lender in the country, with 100 branches.
Not many expect the top management reshuffle to result in large-scale job cuts across regions, including India. Analysts felt the new chief executive might not be in a hurry to announce further cuts before evaluating the results of similar exercises in the recent past.
The bank recently closed its institutional cash equities, equity research and equity capital markets activities in India, as part of a global cost-cutting exercise. The group reportedly laid off 200 employees following the dismantling of its stock broking, equity research and equity listing desks worldwide. In India, this resulted in the loss of close to 35 jobs.
StanChart said Winters would join the group in May and be appointed to the board as group chief executive a month later. He will be based in London.
“Bill is a globally respected banker and has the right experience and skills to drive the group’s new phase of growth. He brings substantial financial experience from leading a successful global business and has an exceptional understanding of the global regulatory and conduct environment. He is also a proven leader, with a strong track record in nurturing and developing talent,” Peace stated.
