Standard Chartered finance chief out in reorganisation

Standard Chartered's finance director Richard Meddings is to leave the bank's board by the end of June, and will leave the group entirely by the end of this year.

In December Meddings was stripped of his role overseeing the firm's risk division, following pressure from the Bank of England (BoE). Responsibility for risk was transferred over to chief executive Peter Sands.

Meddings said that now is "a natural point for me to step away" in a filing released by the bank.

The BoE's Prudential Regulation Authority (PRA) had expressed concerns over Meddings holding what it saw to be conflicting roles, according to a person familiar with the matter.

Consumer banking CEO Steve Bertamini will also leave as part of the reorganisation, with Mike Rees stepping up to lead combined consumer and wholesale banking.

Both Meddings and Bertamini will get 12 months' full salary, pension contribution and "other contractual benefits".

Shares are down by more than 3.2 per cent on the news.