Standard Chartered sharpens focus on personal clients and integrates its Asian network business

By Edil Corneille

Effective January 1, 2021, Standard Chartered will update its organisation structure as part of the ongoing execution of its refreshed strategy. The changes are designed to grow the Group’s affluent and retail customer-facing businesses and more effectively deliver its unique international network. This is expected to create a leaner organisation and improve the Standard Chartered’s ability to serve clients where it has distinctive competitive advantages.

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) – led by Judy Hsu, currently Regional CEO, ASEAN and South Asia. Hsu’s responsibilities will include growing the affluent client base, for whom the Group manages assets worth over $200 billion, developing the Group’s mass-market digital banking solutions, and delivering further efficiencies in the combined business, in each case working closely with the Regional CEO’s. In her new role, Hsu will continue to be based in Singapore.

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 Asian region while continuing to pursue strategic opportunities in China’s Greater Bay Area, and to capitalise on the wealth and business opportunities ASEAN presents. 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. The Group’s business in the region predominately enables corporate and institutional clients based there to utilise its network through Asia, Africa, and the Middle East. As such 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 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.

I would like to thank Tracy for her outstanding contribution to the Group over three decades of service. She embodies the values and spirit of Standard Chartered and we all wish her the very best in what promises to be a busy next chapter.”

The Group will report its results according to the current structure with four segments and four regions for the remainder of 2020. From January 1, 2021, the results of the CCIB and CPBB segments will be disclosed on the new combined basis, while the current product, large market, and regional basis of external reporting will remain the same.

With effect from January 1, 2021, the Group’s Management Team will comprise of Bill Winters, Group Chief Executive Officer; Andy Halford, Group Chief Financial Officer; Simon Cooper, CEO, Corporate, Commercial & Institutional Banking and Europe & Americas; David Fein, Group General Counsel; Michael Gorriz, Group Chief Information Officer; Judy Hsu, CEO, Consumer, Private and Business Banking; Ben Hung, Regional CEO, Asia; Tanuj Kapilashrami, Group Head, Human Resources; Sunil Kaushal, Regional CEO, Africa and the Middle East; Tracey McDermott, Group Head, Corporate Affairs and Brand & Marketing and Group Head, Conduct, Financial Crime & Compliance; Alison McFadyen, Group Head, Internal Audit (Permanent Invitee); Mark Smith, Group Chief Risk Officer; and David Whiteing, Group Chief Operating Officer.