Standard Chartered in top brass shake up

Standard Chartered Shanghai Towers

Standard Chartered Tuesday unveiled sweeping changes to its senior management team, with the lender's top China banker set to head up its retail arm.

Ben Hung will take over as the chief executive of retail banking from Karen Fawcett with effect from 31 December.

Fawcett, who will retire from the firm at the end of the year, is also the head of brand and marketing, a role she will hand over to Standard Chartered's head of corporate, public and regulatory affairs, Tracey McDermott.

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Anna Marrs, who has been babysitting the position of head South-east and southern Asia since 2016, will pass on the responsibility to Singapore chief exec Judy Hsu. Marrs will continue as chief executive of commercial banking, private banking and wealth management.

Standard Chartered chief executive Bill 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.

Read more: Standard Chartered share price flops as lack of dividend disappoints

Full story: Standard Chartered in top brass shake up: City A.M.

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