StanChart Senior CEO Shankar Quits In Latest Management Change

Asia-focused bank Standard Chartered Plc said senior executive Viswanathan Shankar had quit and announced a number of management changes in another reshuffle as it seeks to turn around its fortunes.

Shankar has resigned as chief executive of Europe, Middle East, Africa and Americas, and will now look at setting up a private equity firm, Standard Chartered said on Wednesday.

The 57-year-old, who was one of four executives on the board, will step down at the end of April after 13 years at the bank.

Standard Chartered also said Jonathan Paul will become head of financial markets, and Sumit Dayal will take over as head of corporate finance, both based in Singapore.

Mark Dowie, who has run corporate finance since 2011 and been acting head of financial markets for a year, will become vice-chairman of clients and products, moving back to London.

Paul has 25 years experience at financial firms including Deutsche Bank and Goldman Sachs. He founded hedge fund Ardmore Park Capital in 2008 and more recently also advised asset management firms.

Dayal has been at Standard Chartered for 11 years, including as head of leveraged finance and equity capital markets.

The new appointments are the latest in a string of changes at Standard Chartered after two years of falling profits raised concerns it had lost its way.

Former JPMorgan investment bank boss Bill Winters will take over as chief executive in June, replacing Peter Sands, after investors pushed for change. Chairman John Peace will leave next year.

A trio of senior managers left last year, and in February the bank said Jaspal Bindra, CEO of its Asia business and three long-standing directors were stepping down.

Standard Chartered’s London-listed shares were up 0.4 per cent at 0910 GMT.