Standard Chartered Europe CEO Richard Holmes to Leave Firmby and
Tracy Clarke, head of Europe and Americas, to take over duties
CEO Winters cutting costs to lift returns at Asia-focused bank
Standard Chartered Plc’s chief executive officer for Europe, Richard Holmes, is leaving after eight years at the London-based lender amid Bill Winters’s management overhaul.
From August his responsibilities will be taken over by Tracy Clarke, who last July was made regional CEO for Europe and the Americas, Holmes said by telephone. Holmes will spend more time on his philanthropic work and consider non-executive boardroom positions, he said.
Since taking over from Peter Sands in June, CEO Winters, 54, has replaced several executives and is cutting 15,000 jobs worldwide to help save $2.9 billion. Winters increased his oversight by appointing a 13-member management team reporting directly to him and reduced the number of regional heads to four, including China and North Asia, South Asia, and Africa and the Middle East.
Holmes said he’d been asked to stay on at the bank for the last year to help Winters during the management transition.
Holmes was previous head of American Express Co.’s banking arm in New York and studied economics at Cambridge University. He represented Standard Chartered on the boards of several industry lobbies, including the British Bankers’ Association and TheCityUK.
Standard Chartered generated $581 million in operating revenue in the Europe region in 2015, about 4 percent of the bank’s total, according to its annual report.
Clarke joined Standard Chartered in 1985 and has worked for the firm in the U.K. and Hong Kong. Clarke, who previously also oversaw compliance and human resources and is listed on the bank’s website in that role, gave up those responsibilities earlier this year, said Simon Kutner, a spokesman for the London-based company.
Winters was hired to turn around the Asia-focused bank, which has been hit by a surge in loan impairments and falling revenue as growth slows in emerging markets. The shares are trading at about half the value of the bank’s assets and have fallen about 8 percent this year.
(A previous version of this story corrected the description of Clarke’s role.)