Standard Chartered CEO consolidates power to speed up cost cuts

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Addressing the future performance of the group.

Standard Chartered CEO Bill Winters stripped his deputy Mike Rees of powers in a push to gain more direct control and speed up cost cuts.

Bloomberg News reports that Winters, 53, who took over from Peter Sands last month, appointed a new 13-member management team reporting directly to him, while taking over responsibility for all three of the firm’s main divisions from Rees in October, the bank said in a statement on Sunday.

The team will develop a plan by year-end 'to address the future performance of the group', it said.

'The group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability and speed up decision making', Winters said. 'I am working with a talented and experienced management team to create a bank that delivers strong returns and sustainable profitability'.

To access the complete Bloomberg News article hit the link below:

Standard Chartered CEO Strips Deputy of Powers in Control Push

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