Standard Chartered chief executive Bill Winters is shifting power abroad

 
Sarah Spickernell
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The bank has a strong presence in Asia (Source: Getty)
Standard Chartered's new chief executive Bill Winters is planning a structural shake-up of the bank, which includes handing over power to the bank's regional zones.
The London-listed bank operates in over 70 countries, but has some key regional hubs, including Hong Kong, Singapore, India, Africa and the UAE.
Winters, who joined from JP Morgan in May, hopes that by giving these areas more autonomy the business will be streamlined and performance will improve drastically.
During the last two years, the emerging markets bank has issued a number of profit warnings and had scrapes with regulators, but shares have risen more than 15 per cent since Winters took over.
Overlapping layers of management will be removed under the plan, and according to the FT this could lead to estimated cost savings of $1.8bn (£1.15bn).
A full outline of the changes is due to be announced by Winters at the end of the year.

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