You are here

Standard Chartered said to replace head of trading Gulabani

[LONDON] Standard Chartered Plc's global head of foreign exchange, rates and credit trading, Nitin Gulabani, is leaving the bank and will be replaced by two executives as part of a wider company overhaul, said a person with knowledge of the matter.

Chris Allington, global head of the currencies business, and Neh Thaker, who runs options trading, will take over from Mr Gulabani, who was based in Singapore, according to the person, who asked not to be identified because the appointments aren't public. Separately, Vinod Aachi will become global head of financial markets sales, replacing departing Carsten Stoehr, the person said.

Chief executive officer Bill Winters, 54, is eliminating 15,000 jobs and restructuring or exiting US$100 billion of assets as he seeks to reverse a slump in earnings, hurt by a drop in commodity prices and cooling economies across Asia. As part of his management overhaul, Mr Winters earlier this year appointed a new 13-member management team reporting directly to him, stripping deputy CEO Mike Rees of some powers.

Mr Allington and Mr Aachi couldn't be reached by phone, while Mr Gulabani and Mr Thaker declined to comment.

Market voices on:

Standard Chartered shares have slumped about 39 per cent this year.