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Coffeeshop Chit Chat - Stanchart lays off useless Indian FT....</TD><TD id=msgunetc noWrap align=right>
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</NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Oct-29 5:18 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 19) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>1924.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Stanchart lays off senior staff
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Most of 35 job cuts made here; sources say it's part of restructuring exercise</TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
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Sources say Stanchart is merely exercising caution and laying off senior staff to cut costs. Another reason could be the change in senior management. -- ST FILE PHOTO
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THE axe continues to fall across corporate Singapore with Standard Chartered (Stanchart) sacking several staff members from the group's consumer banking division last week.
Senior people in Hong Kong and Taiwan were affected by the bank's 'restructuring exercise' but most of the 35 job cuts were made here.
One to go was Singapore-based Sunil Thakar, the head of risk assurance for the group consumer bank. When The Straits Times contacted Mr Thakar at his office last Friday, he said he had already left the firm but was back 'wrapping up'. Mr Thakar declined to provide details of other bankers who were axed.
Hong Kong-based Helen Kan, global head of customer and frontline experience, and Hong Kong-based Arthur Chan, who reports to Ms Kan, have also been asked to go, sources say.
Sources say the restructuring exercise - which gained traction about a month ago - includes areas such as wholesale banking, but is particularly 'prevalent' at the group consumer bank.
Stanchart has more than 5,300 people based in Singapore. While it has been 'relatively unscathed' by the turmoil hurting its banking peers, sources say the lender is merely exercising caution and laying off senior staff to cut costs.
But another reason - and perhaps a more pertinent one - has to do with the change in senior management.
In April, Mr Mike DeNoma, who had headed the consumer bank for nine years, left to 'move on to new adventures' and was replaced by Mr Steve Bertamini.
Events have moved against him since he took over, with the financial crisis hitting Singapore, Hong Kong and South Korea hard. The trio account for 40 per cent of Stanchart's profits.
Sources say that Mr Bertamini could have a difficult job delivering results in such an environment and he is giving himself some leeway by slashing costs.
'The new head comes in and has to show results, so he cuts costs first. If he seeks to grow top line later, he will recruit more people next year at a lower cost,' a banker said.
Stanchart turned down a Straits Times request to interview Mr Bertamini, the former chairman of General Electric's business in north-east Asia, including China, Korea and Mongolia.
A Stanchart spokesman said that despite the financial turmoil, the bank - which hired about 22,000 people globally in the last 12 months - is in great shape. He said that the bank, like all organisations, continuously looks at ways to 'streamline' operations to ensure it has the right resources in the right places.
'As a result, from time to time, some roles may be consolidated and/or restructured. Where roles have fallen away, we will do our best to redeploy, but this is not always possible,' he said. The bank continues to hire people, particularly in 'front-line' roles and those that are customer-focused, he added.
Recruiters who help Stanchart find candidates noted that while bankers there have been leaving, the bank has also been replacing the 'old guard' with experienced hires. 'They're not really downsizing, but they're trying to bring in more efficient people. They're looking for director-level and above professionals. Already, they have picked up some ex-Lehman Brothers and ex-Bear Stearns bankers,' said a headhunter.
For instance, this month, Stanchart appointed Mr Christian Wait as its global head of capital markets. The ex-Lehman banker will be based here.
In recent weeks, Stanchart shares have plummeted on concerns that the bank might have to raise billions of pounds of extra capital to weather a slowdown in Asia. Bank staff at Merrill Lynch and UBS have also been laid off in recent weeks.
[email protected]
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</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Most of 35 job cuts made here; sources say it's part of restructuring exercise</TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
</TD></TR><TR><TD><!-- show image if available --></TD></TR><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Sources say Stanchart is merely exercising caution and laying off senior staff to cut costs. Another reason could be the change in senior management. -- ST FILE PHOTO
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
THE axe continues to fall across corporate Singapore with Standard Chartered (Stanchart) sacking several staff members from the group's consumer banking division last week.
Senior people in Hong Kong and Taiwan were affected by the bank's 'restructuring exercise' but most of the 35 job cuts were made here.
One to go was Singapore-based Sunil Thakar, the head of risk assurance for the group consumer bank. When The Straits Times contacted Mr Thakar at his office last Friday, he said he had already left the firm but was back 'wrapping up'. Mr Thakar declined to provide details of other bankers who were axed.
Hong Kong-based Helen Kan, global head of customer and frontline experience, and Hong Kong-based Arthur Chan, who reports to Ms Kan, have also been asked to go, sources say.
Sources say the restructuring exercise - which gained traction about a month ago - includes areas such as wholesale banking, but is particularly 'prevalent' at the group consumer bank.
Stanchart has more than 5,300 people based in Singapore. While it has been 'relatively unscathed' by the turmoil hurting its banking peers, sources say the lender is merely exercising caution and laying off senior staff to cut costs.
But another reason - and perhaps a more pertinent one - has to do with the change in senior management.
In April, Mr Mike DeNoma, who had headed the consumer bank for nine years, left to 'move on to new adventures' and was replaced by Mr Steve Bertamini.
Events have moved against him since he took over, with the financial crisis hitting Singapore, Hong Kong and South Korea hard. The trio account for 40 per cent of Stanchart's profits.
Sources say that Mr Bertamini could have a difficult job delivering results in such an environment and he is giving himself some leeway by slashing costs.
'The new head comes in and has to show results, so he cuts costs first. If he seeks to grow top line later, he will recruit more people next year at a lower cost,' a banker said.
Stanchart turned down a Straits Times request to interview Mr Bertamini, the former chairman of General Electric's business in north-east Asia, including China, Korea and Mongolia.
A Stanchart spokesman said that despite the financial turmoil, the bank - which hired about 22,000 people globally in the last 12 months - is in great shape. He said that the bank, like all organisations, continuously looks at ways to 'streamline' operations to ensure it has the right resources in the right places.
'As a result, from time to time, some roles may be consolidated and/or restructured. Where roles have fallen away, we will do our best to redeploy, but this is not always possible,' he said. The bank continues to hire people, particularly in 'front-line' roles and those that are customer-focused, he added.
Recruiters who help Stanchart find candidates noted that while bankers there have been leaving, the bank has also been replacing the 'old guard' with experienced hires. 'They're not really downsizing, but they're trying to bring in more efficient people. They're looking for director-level and above professionals. Already, they have picked up some ex-Lehman Brothers and ex-Bear Stearns bankers,' said a headhunter.
For instance, this month, Stanchart appointed Mr Christian Wait as its global head of capital markets. The ex-Lehman banker will be based here.
In recent weeks, Stanchart shares have plummeted on concerns that the bank might have to raise billions of pounds of extra capital to weather a slowdown in Asia. Bank staff at Merrill Lynch and UBS have also been laid off in recent weeks.
[email protected]
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