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January 9, 2014
07:32 EDTSCBFFStandard Chartered announces reorganization, executive departures
Standard Chartered announced the reorganization of its Wholesale Banking and Consumer Banking businesses, and the appointment of Mike Rees as Deputy Group Chief Executive. The Groupís two businesses, Wholesale Banking and Consumer Banking, will be integrated to form one business, organized into three customer segment groups and serviced by five global product groups. Mike Rees will take responsibility for this combined business, and will continue to report to Peter Sands, Group Chief Executive. Both Mikeís appointment as Deputy Group Chief Executive and the reorganisation will take effect on April 1. In addition, the Group announces that Steve Bertamini and Richard Meddings will be stepping down from the Board and leaving the Group later this year. Steve Bertamini, Group Executive Director and CEO Consumer Banking, will step down from the Board at the end of March. Richard Meddings, Group Executive Director and Group Finance Director, will step down from the Board by the end of June. The roles of CEO Consumer Banking and CEO Wholesale Banking will cease to exist under the new structure. The Group will announce its FY13 results on March 5 with financial data based on the current Group structure. Prior to the Half Year results in August, the Group will restate its 2013 financials according to the reorganization, the Group said.
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