- Von Daeniken formerly CEO of Barclays's Asia wealth division
- To oversee British lender's private banking, wealth management
Standard Chartered Plc named Barclays Plc’s Didier Von Daeniken global head of private banking and wealth management as the U.K. lender seeks to expand the business amid surging bad corporate loans and a plunging share price.
Von Daeniken starts in March in Singapore and will report to Anna Marrs, head of commercial and private banking, according to a statement from London-based Standard Chartered. Global head of private banking Michael Benz is leaving the bank because his role has been subsumed by Von Daeniken’s, the company said.
Chief Executive Officer Bill Winters, 54, unveiled a new strategy last month to expand the emerging-markets focused lender’s private banking and wealth assets under management by $25 billion by 2018. As part of the overhaul, Winters raised $5.1 billion of extra capital from investors and began cutting 15,000 jobs and restructuring $100 billion of assets as he attempts to reverse a 63 percent fall in the shares since the start of 2014.
“Didier joins the bank at a dynamic time, as we prepare to invest significantly in 2016 and beyond, to strategically grow our private banking and wealth management businesses and enhance our technology,” Marrs said.
Revenue at the bank dropped 18 percent to $3.7 billion in the third quarter from a year earlier, while impairments on loans more than doubled to $1.2 billion. Income from wealth management was $399 million in the third quarter, down 9.5 percent from a year earlier.
Von Daeniken led Barclays’s Asia-Pacific, Middle East and Africa wealth management since 2007, and before that was co-head of Credit Suisse Group AG’s private bank in the Asia-Pacific region, according to Barclays’s website. A spokeswoman for Barclays confirmed his departure. Reuters reported the move earlier.