Senior Asia-based bankers exit StanChart, say sources

HONG KONG • Standard Chartered Bank has seen the departure of at least four senior Asia-based bankers from its private banking unit in recent months, three people with direct knowledge of the matter said, amid growing earnings pressure at the business.

Among those who left the London-headquartered bank in the past six months were Mr Teddy Kwong, managing director and market head for Hong Kong, and Mr Peter Lam, managing director and team leader for Hong Kong, said the people.

Both Hong Kong-based Kwong and Lam joined StanChart in the first half of 2017 from the regional private banking unit of rival HSBC Holdings. It was not immediately clear where the two were headed.

Mr Ray Li, StanChart private banking managing director and head of relationship management, also left after having worked at the bank for more than a decade, said the people and according to his LinkedIn profile.

The Asia, Africa and Middle East-focused bank lost India private banking head Sandeep Das, who joined Barclays last month as head of private clients India in private bank and overseas services, according to Barclays.

A StanChart spokesman in Singapore declined to comment on recent staff exits in Asia, but said that the bank continued to invest in and hire for its private banking business this year.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 14, 2019, with the headline 'Senior Asia-based bankers exit StanChart, say sources'. Print Edition | Subscribe