The decision of Standard Chartered plc to embark on a global restructuring aimed at enhancing the bank’s financial performance is beginning to manifest as it closes two of its branches and sends over a hundred workers home.
The bank has so far closed its Agbogbloshie and Tarkwa branches in the Greater Accra region and Western region respectively.
The bank is said to be preparing to close one more branch in the Ashanti region by the end of 2015.
In a recent press release, the Group stated that it is simplifying its organisational structure to improve accountability, speed up decision making, and reduce bureaucracy.
According to the release, the restructuring is intended to “play a key part in delivering the previously announced US$1.8bn of cost savings by the end of 2017”.
The bank further announced a new Management Team to lead and run the Group, led by Bill Winters, who will be the Group Chief Executive.
As part of the Group’s new geographical structure, the bank rationalised its eight existing regions into four new regional businesses with the first comprising Hong Kong, China, Korea, Japan, and Taiwan, all falling under Greater China and North Asia.
Singapore, Malaysia, Indonesia, India and Bangladesh were all categorised under the ASEAN and the South Asia region; while Southern, Western and Eastern Africa, Pakistan and the UAE will operate under Africa and the Middle East and led by Mr. Sunil Kaushal, currently the CEO of Stanchart India.
The UK and the US will fall under the Europe and Americas.
The simplified organisational structure will be phased in from October 1, 2015, and will be fully in place by January 1, 2016. The Group’s financial reporting will be based on the new structure from January 1, 2016.
