Standard Chartered's Gulabani Leaving in Management Overhaulby and
Chris Allington and Neh Thaker said to replace Nitin Gulabani
Aachi said to become global head of financial market sales
Standard Chartered Plc’s global head of foreign exchange, rates and credit trading, Nitin Gulabani, is leaving the bank and will be replaced by two executives as part of a wider company overhaul, said a person with knowledge of the matter.
Chris Allington, global head of the currencies business, and Neh Thaker, who runs options trading, will take over from Gulabani, who was based in Singapore, according to the person, who asked not to be identified because the appointments aren’t public. Separately, Vinod Aachi will become global head of financial markets sales, replacing departing Carsten Stoehr, the person said.
Chief Executive Officer Bill Winters, 54, is eliminating 15,000 jobs to help save $2.9 billion by 2018, while restructuring or exiting $100 billion of assets as he seeks to reverse a slump in earnings. As part of his management overhaul, Winters appointed a new 13-member management team reporting directly to him, stripping deputy CEO Mike Rees of some powers.
Allington and Aachi couldn’t be reached by phone, while Gulabani and Thaker declined to comment.
The changes at the bank’s financial markets division, which houses the securities trading business, come as Winters seeks to cut about a quarter of senior staff, resulting in about 1,000 job cuts worldwide. Standard Chartered plans to eliminate some of the 4,000 employees who are graded in bands one to four, ranging from board members to managing directors, a person familiar said last month.
At the financial markets division, Gulabani and Stoehr are joining senior departures including head of Europe, Ken Reich, and Morad Mahlouji, who ran operations in the Middle East, North Africa and Pakistan. Asia CEO Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas also left the bank this year.
As part of his revamp, Winters plans to cut the bank’s focus on corporate and institutional banking in favor of consumer lending and affluent retail clients. He’s seeking to cut or improve the profitability of about $50 billion of risk-weighted assets relating to low-returning relationships at businesses such as commercial banking, while removing or restructuring a further $55 billion by exiting countries and shedding riskier assets.
The stock rose 1.4 percent to 582.10 pence at 11:42 a.m. in London after five straight weeks of declines. Standard Chartered shares have slumped about 40 percent this year, more than any other major British lender.