New global head of private banking

HONG KONG • Standard Chartered has named former Barclays banker Didier von Daeniken as its global head of private banking and wealth management, in the latest streamlining of management at the embattled London- based lender.

Mr von Daeniken takes on a new role leading the private banking and wealth management divisions which had previously been run by separate people, according to an internal announcement yesterday.

Incumbent global head of private banking Michael Benz will leave the bank on Friday, the memo said, and Mr von Daeniken will join the bank in March pending regulatory approval.

Singapore-based spokesman for StanChart Piers Townsend confirmed the contents of the memo.

StanChart, under new CEO Bill Winters, announced on Nov 3 plans to axe 15,000 jobs, as part of a plan to restore profitability after three years of falling profits and strategic mistakes.

Part of the turnaround plan includes streamlining the bank's management structure and cutting the bloated senior ranks. Under previous CEO Peter Sands, employee expenses had jumped to US$6.7 billion (S$9.4 billion) last year, pushing up the cost-to- income ratio to 60 per cent.

Mr Winters also said in his strategy presentation that the bank had pinpointed private banking and wealth as a business to invest in, saying he wanted to grow assets under management by US$25 billion by 2018.

The bank's chief executive for commercial banking Anna Marrs will serve as interim head of private banking.

REUTERS

A version of this article appeared in the print edition of The Straits Times on December 16, 2015, with the headline 'New global head of private banking'. Print Edition | Subscribe