StanChart Mid-East faces exodus of top managers

Dubai

NOWHERE, perhaps, is the turmoil at Standard Chartered Plc more evident than in the Middle East, as an exodus of top managers and exits from regional businesses threaten to undermine the bank's top five position in debt capital markets.

While Viswanathan Shankar, Dubai-based chief executive officer for Europe, the Middle East, Africa and the Americas, is the highest profile departure to date, others are rapidly following. Afaq Khan, global head of Islamic banking, Mohsin Ali Nathani, CEO for the United Arab Emirates, and Hassan Jarran, CEO for Bahrain, are all leaving or will do so, according to people with knowledge of the matter who asked not to be identified.