25th Jun 2015 05:51
LONDON (Alliance News) - The newly-appointed chief executive of emerging markets-focused bank Standard Chartered PLC is planning to overhaul its structure in order to shift capital and power to new regional hubs amid a push to turnaround the bank's performance and to meet new regulatory demands, the Financial Times reported Tuesday.
Bill Winters, who took over in May, is understood to be set to simplify and streamline the bank's operations, the FT said, citing people familiar with the situation.
He is expected to hand more power to a handful of regional subsidiaries in key markets such as Hong Kong, Singapore, India, the United Arab Emirates and across Africa and will look to remove overlapping layers of management with a view to increasing savings beyond the USD1.8 billion the bank has targeted over the next three years, the FT added.
http://next.ft.com/a442c5d2-1a57-11e5-8201-cbdb03d71480
By Sam Unsted; [email protected]; @SamUAtAlliance
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