StanChart African Managing Director Reynolds Said to LeaveBy
Gupta is acting head of Johannesburg-based unit Reynolds led
Bank has closed some African branches, cut staff numbers
Philip Reynolds, a managing director for Standard Chartered Plc based in Johannesburg, is leaving the bank, according to two people with knowledge of the matter.
Reynolds led the African division of Standard Chartered’s global corporates business, which Rajan Gupta is now running in an acting capacity, one of the people said, asking not to be identified because the information about the departing executive is confidential. The unit handles the services the bank offers its biggest corporate clients in the region.
After Standard Chartered reported an unexpected third-quarter loss of $139 million on Nov. 3, Chief Executive Officer Bill Winters, who took over in June, said the lender would cut 17 percent from its workforce by 2018. His predecessor, Peter Sands, oversaw expansion across emerging markets, which left the bank burdened with bad loans when commodity prices fell and growth slowed in regions including China, India and Africa.
Reynolds wasn’t at his office when Bloomberg called and staff couldn’t provide a contact number for him.
The bank operates in 15 African countries, including Nigeria, Ghana and Kenya. In the third-quarter results presentation, the lender said its geographical reach on the continent was relevant for multinational companies and that it has a “strong market share in key markets.”
Standard Chartered has said it expects to invest $250 million in the region between 2016 and 2018 and plans changes to its corporate, commercial and retail units. The bank’s former Africa CEO, Diana Layfield, who quit in July, said in a June interview that the lender had already closed some retail branches and cut staff numbers on the continent.
“We have already acted to reduce management layers at a global level, and as a result, will have up to 25 percent fewer senior staff,” Standard Chartered said in an e-mailed response to questions. “The group’s new structure will be effective from January 1 2016. As the changes are still work in progress, we are not in a position to provide detail around how these changes will impact specific markets at this point in time.”
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