Standard Chartered, the Asia-focused emerging markets bank, announced today that its finance chief will leave later this year under a wide overhaul of the group.
Finance director Richard Meddings will step down from the board at the end of June after seven years in the post, the London-based lender announced in a statement. His successor was not announced.
Standard Chartered added that it would integrate its wholesale banking and consumer banking businesses from the start of April, and has appointed Mike Rees as deputy chief executive to run the combined division.
"The reconfiguration of our business is a critical next step as we implement our refreshed strategy and reinvigorate our growth momentum," group chief executive Peter Sands said in the statement.
"Today, we are announcing a new model for the organisation of our business. This will sharpen our focus on distinct customer segments, enabling us to deploy capital, liquidity and investment spend more effectively, and deliver both productivity gains and improvements in the quality of the service and products we offer.
