Standard Chartered's new chief expected to unveil structural changes this week

19th Jul 2015 14:20

(ShareCast News) - The new chief executive of Standard Chartered will this week announce a number of changes affecting senior management at the bank.Bill Winters will request that the seven divisional leads now report to him, rather than to his deputy Mike Rees, according to sources cited by the Sunday Times.Winters, who joined the company from JP Morgan in May, has previously given himself the target of cutting Standard Chartered's costs by $1.8bn over the next three years, which he is thought be planning to do partly by removing overlapping layers of management.According to a number of reports, the chief is also planning to hand greater control to regional offices in an effort to increase profit and to streamline operations. He is also expected to shut down areas of the bank that are unprofitable.