Standard Chartered will strip out a series of regional reporting lines in the division, which could lead to several executives losing their jobs, according to a person familiar with the matter. No final decisions have been made on job cuts, the person said, asking not to be named discussing personnel information.
A frontrunner to replace Standard Chartered Plc Chief Executive Officer Bill Winters is set to depart as the emerging markets lender pushes through a broader management reshuffle to boost returns.
Simon Cooper, who has led the firm’s corporate, commercial and institutional banking division for eight years, will leave Standard Chartered to “pursue other interests,” according to a statement. Roberto Hoornweg and Sunil Kaushal will replace him as they take charge of the newly-renamed corporate and investment banking unit, the bank said.
