(Alliance News) - Standard Chartered PLC is looking towards the head of its investment bank, Simon Cooper, to replace Chief Executive Bill Winters, the Financial Times reported Wednesday.
The FT said Simon Cooper, who runs StanChart's Corporate, Commercial & Institutional Banking unit, is now the "heir apparent" after the outperformance of his advisory and trading unit last year during the coronavirus pandemic.
This has elevated him above the emerging markets-focused lender's other main candidate, Ben Hung, who is regional CEO for Greater China & North Asia, and head of retail banking and wealth management.
Informal discussions have been held about naming him as deputy CEO, the newspaper reported.
Winters, a former JPMorgan Chase & Co executive who has run Standard Chartered since 2015, will not be stepping down this year, but is nearing the end of his tenure.
https://www.ft.com/content/75f5661c-7ae0-4134-816a-b1596764f512
In September last year, the Asia-focused lender unveiled a new-look personal banking unit, which has led to series of leadership changes for the bank's Asian operations.
The lender's individual clients - which encompass Retail Banking, Private Banking, and Wealth Management - will be combined within a new business, Consumer, Private & Business Banking.
The newly formed unit is being run by Judy Hsu, who was previously regional chief executive officer of ASEAN & South Asia region.
Hsu's old role will be folded into the remit of current chief of Greater China & North Asia Ben Hung. Hung is also current chief executive of Retail Banking & Wealth Management, which is being merged into Hsu's new unit.
The moves, StanChart said, will make it a "leaner" bank.
By Paul McGowan; paulmcgowan@alliancenews.com
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Standard Chartered (STAN)