Standard Chartered reveals management shake up

20th Jul 2015 08:11

(ShareCast News) - Standard Chartered has announced a radical management shake-up designed to restore the fortunes of the bank.Under the new regime, chief executive Bill Winters will take more responsibility as all heads of business units will report to him not his deputy Mike Rees, the bank said in an announcement.The restructure formed part of a previously announced goal of $1.8b in savings by the end of 2017.Winters said the new structure would reduce its cost base, improve accountability and speed up decision making.Rees would work closely with Winters and also take responsibility for brand and marketing.