By Sinead Cruise and Tommy Wilkes
LONDON (Reuters) -Standard Chartered banker Simon Cooper is leaving the Asia-focused lender as part of a management reshuffle that will see Roberto Hoornweg and Sunil Kaushal take over as co-heads of corporate and investment banking.
Cooper had been seen by some investors as a potential successor to group CEO Bill Winters, who has held the top job since 2015 and is one of the longest-serving chief executives in UK banking.
The unexpected revamp announced on Tuesday marks what some sources have described as Winter’s final push to refresh the bank’s top talent as he bids to improve returns and execute a strategy overshadowed by China’s poor economic outlook.
“These changes will ensure we have the strongest possible team in place, with clear accountabilities, to drive our transformation efforts and bring renewed intensity to our focus on increased growth and returns through each of our business lines,” Winters said in a statement.
Standard Chartered shares, which have fallen 2.1% over the last year, were trading 2.1% higher at 1349 GMT.
“The loss of Simon Cooper will be felt; he was a long-standing leader within the business and someone many had thought might take over the CEO reins at some point in the future,” Matt Britzman, equity analyst at Hargreaves Lansdown told Reuters.
“But Bill’s been open in saying he wants to remain in the top seat until Standard can deliver on its recently refreshed guidance, which means there’s no immediate rush to find a new heir.”
Cooper has served as CEO of the Corporate, Commercial and Institutional Banking division at StanChart since 2018 and is leaving to pursue other interests, the bank said.
His decision to quit comes just as Diego De Giorgi settles in as chief financial officer, succeeding Andy Halford, who had held the role since July 2014.
Hoornweg and Kaushal inherit a corporate and investment banking operation in relatively good shape, with income returns on risk-weighted assets of 7.8% posted last month, ahead of a 6.5% target for 2024.
Investment banking outperformance is a core part of Winters’ plan to boost returns, with targets to grow high-returning businesses such as cross-border income and global credit and lending by 8-10% over the next three years.
Additionally, the lender wants to grow its trade and working capital income by 6-8% by 2026.
As part of the reorganisation, Judy Hsu, currently CEO of the consumer business, will take on responsibility for Greater China and North Asia markets, the bank said.
Ben Hung, currently CEO of the bank’s Asia business, will assume the new role of President, International, the bank added.
The London-headquartered bank reported an 18% increase in annual profits last month and pledged to buy back $1 billion in shares to boost a stock valuation that Winters described as “crap”.
(Reporting by Tommy Reggiori Wilkes and Sinead Cruise Editing by Elisa Martinuzzi and Louise Heavens)
