StanChart said to name Hsu to replace Swaroop as Singapore CEO

[MUMBAI] Standard Chartered Plc will appoint Judy Hsu, its global wealth management head, as Singapore chief executive officer to replace Neeraj Swaroop, people with knowledge of the matter said.

Mr Swaroop has resigned from the London-based lender, the people said, asking not to be identified as the information is private. He decided to leave the bank after turning down the offer of a job overseeing Standard Chartered's business in India, one of the people said.

Standard Chartered plans to announce the moves as soon as this week, along with other changes being planned by Chief Executive Officer Bill Winters, the people said. It is considering appointing an interim India head and may recruit an external candidate to fill the position on a permanent basis, two of the people said.

Mr Winters, 53, is merging regional jobs and reducing layers of management where there is duplication, according to two people. Standard Chartered is considering cutting about a quarter of its senior banking positions as part of Winters's plan to reverse a two-year profit slide, people with knowledge said earlier this month.

Standard Chartered declined to comment on specific roles in an e-mailed statement.

Mr Swaroop, who joined the bank in 2005, was the chief executive officer for India and South Asia until 2012. His successor in the role, Sunil Kaushal, was appointed in July as the regional CEO for Africa and the Middle East and made a member of the new 13-member management team reporting directly to Winters.

Ms Hsu has been the global head of wealth management for Standard Chartered's consumer banking arm since 2009, when she joined from Citigroup Inc.

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