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STANCHART Aims to Cut Costs by US$1.5B Over Next 3 Yrs; Key Roles Reshuffled in Tech and Operations
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STANCHART (02888.HK) has adjusted some key positions in technology and operations following the departure of a senior executive, according to foreign media reports. Roel Louwhoff, chief transformation, technology, and operations officer, has resigned, according to a spokesman for STANCHART. The company has appointed Alvaro Garrido as interim Group Chief Information Officer and Darrell Ryman as interim Group Chief Operations Officer. Both will report to CEO Bill Winters. Tanuj Kapilashrami, Chief Strategy and Talent Officer, will be responsible for a group-wide transformation, including a new cost-cutting plan named "Fit for Growth", STANCHART stated. STANCHART aims to save around US$1.5 billion in costs over the next three years. This strategy incorporates more than 200 initiatives within the company for cutting annual expenses by hundreds of thousands to millions. AAStocks Financial News |
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