Standard Chartered shakes up management team

Standard Chartered has shaken up the management team of its retail and Asian banking operations.

The announcement the day before its quarterly results comes as the company looks to boost revenue growth and improve profitability.

The bank is listed in London but most of its operations are in the emerging markets, with a focus on Asia and Africa.

CEO retiring

Karen Fawcett, CEO of retail banking and group head of brand and marketing, will retire with effect from 31 December.

Ben Hung, regional CEO for greater China and north Asia, will take on the additional role as CEO of retail banking on 30 November.

Mr Hung will take over Ms Fawcett’s responsibility for leading the development of strategy and technology improvements across retail banking.

Tracey McDermott, group head of corporate, public and regulatory affairs, will assume responsibility for brand and marketing.

Regional CEO changeover

Anna Marrs will transfer her regional CEO responsibilities to Judy Hsu, CEO in Singapore, between now and the end of next year.

Looking for improved profits – Standard Chartered group CEO Bill Winters Photo: Standard Chartered Bank

Standard Chartered said in a statement Ms Marrs would continue to focus on commercial and private banking and wealth management.

The move follows a major management reshuffle in 2015 following the arrival of new chief executive Bill Winters from JPMorgan in a bid to improve the group’s lacklustre financial performance.

‘Better shareholder returns’

Mr Winters said: “These changes ensure a smooth and orderly succession which will allow us to continue our unrelenting focus on delivering our strategy, capturing opportunities whilst driving efficiency, increased digitisation and better shareholder returns across our global and local businesses.

“Karen has had a successful career in a number of roles over the last 16 years at Standard Chartered. Most recently she has been instrumental in developing and driving forward our retail strategy. We are very grateful to her for her contribution and wish her all the best for the future.”