Standard Chartered has appointed Mike Rees as deputy to CEO Peter Sands as part of the bank’s major restructuring that will combine the bank’s wholesale and consumer businesses.
As part of the restructuring, the bank’s CFO Richard Meddings will step down by the end of June this year, alongside Steve Bertamini, the head of consumer banking, who will depart in March.
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The combination of the two businesses is part of the bank’s plans to reduce costs and focus on products and markets that promise the biggest returns.
In his new role, Rees will manage the combined business and will report to group chief executive Peter Sands.
The new unit will be divided into three customer groups including corporate clients, private banking clients and retail clients.
Mike Rees joined Standard Chartered in 1990 as the CFO for its global treasury and became the group head of global markets by 2000. He was promoted to the bank’s board in 2009 and has been CEO of wholesale banking since 2002.
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By GlobalDataMeddings joined Standard Chartered in 2002 and was named finance chief in 2006. Prior to this, he has worked for Credit Suisse and Barclays, where he was group financial controller.
Peter Sands said: "The moves will deliver both productivity gains and improvements in the quality of the service and products we offer our customers. The reconfiguration of our business is a critical next step as we implement our refreshed strategy and reinvigorate our growth momentum.
"This will sharpen our focus on distinct customer segments, enabling us to deploy capital, liquidity and investment spend more effectively, and deliver both productivity gains and improvements in the quality of the service and products we offer our customers," Sands added.
