Standard Chartered Said to Name Judy Hsu as Singapore Head

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Judy Hsu
Standard Chartered Bank operations in Singapore incoming CEO Judy Hsu. Standard Chartered via Bloomberg

Standard Chartered Plc will appoint Judy Hsu, its global wealth management head, as Singapore chief executive officer to replace Neeraj Swaroop, people with knowledge of the matter said.

Swaroop has resigned from the London-based lender, the people said, asking not to be identified as the information is private. He decided to leave the bank after turning down the offer of a job overseeing Standard Chartered’s business in India, one of the people said. The people didn’t say if Hsu will maintain both roles at the company.

Since taking over from Peter Sands in June, Chief Executive Officer Bill Winters appointed a new 13-member management team reporting directly to him, while taking over additional responsibilities. The bank is considering cutting as many as 250 of about 1,000 managing directors as part of efforts to lower costs, people familiar said last week.

Standard Chartered plans to announce the moves as soon as this week, along with other changes being planned by Winters, the people said. The company is considering appointing an interim India head and may recruit an external candidate to fill the position on a permanent basis, two of the people said.

The shares rose 0.9 percent to 719.70 pence at 8:18 a.m. in London. They have dropped about 25 percent this year after falling 29 percent in 2014 under Sands, giving the bank a market value of about 18.3 billion pounds ($28 billion).

‘Kick-Start Performance’

Winters has said he’s seeking ways to cut costs and “kick-start performance” after two years of declining earnings. The lender said in July that the new 13-member management team will develop a plan by year-end to “address the future performance of the group.”

The CEO, 53, is merging regional jobs and reducing layers of management where there is duplication, according to two people. In his management overhaul earlier this year, Winters stripped deputy CEO Mike Rees of some powers to gain more direct control and speed up decision making.

The bank employs about 7,000 people in Singapore, said Lim Siow Joo, a spokeswoman for Standard Chartered. It reported $851 million of pretax profit from Singapore last year, the second-biggest contributor among the group’s major markets after Hong Kong, which had $1.8 billion, the annual report shows.

Swaroop, who joined the bank in 2005, was the CEO for India and South Asia until 2012. His successor in the role, Sunil Kaushal, was appointed in July as the regional CEO for Africa and the Middle East and made a member of the new management team, reporting directly to Winters.

Hsu has been the global head of wealth management for Standard Chartered’s consumer banking arm since 2009, when she joined from Citigroup Inc.

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