People
&Markets
StanChart
parting ways
with Asia trio
STANDARD CHARTERED is parting ways with
three senior Asia-focused bankers and
possibly with some mid and junior-level
bankers, as the British lender moves ahead
on a plan to cut costs and revamp its
industry coverage, two sources said.
The senior bankers include Hong Kong-
based Toby Groser, who is the co-head of
general industries group in Asia focusing
on retail and consumer sectors, and Dominic
Richards, head of Asia media and telecoms
coverage, the people said.
Singapore-based Nikhil Nath, the other co-
head of StanChart Asia general industries
group, is also leaving the bank, said the
people, who declined to be named as they
were not authorised to speak to the media
on the subject.
The exits come as Bill Winters, CEO ofStanChart, which makes the bulk of its
revenue in Asia, steps up a broader strategic
overhaul at the bank to rein in costs and
deliver better returns in the medium-term.
4HEûBANKSûCOSTSûGREWûûINûTHEûlRSTû
half of this year versus a year ago and the
higher expenses from investments aimed
at improving performance have been a
concern for its shareholders.
The three coverage bankers, with
EXPERTISEûINûAûSPECIlCûSECTOR ûWEREû
responsible for offering the clients
corporate and investment banking
services. Groser and Nath joined StanChart
in 2016, while Richards came on board
late last year.
The move is part of StanChart’s drive to
trim coverage focus in areas that are more
heavily dominated by its US and some
European rivals and build on its strong
client base in sectors including oil and gas
as well as metals and mining, they said.
A Singapore-based spokeswoman
for StanChart declined to comment on
individual moves but said the Asia, Africa
and Middle East-focused bank was notshutting down coverage of any industrial
sector.
“We have done a strategic review of our
GIG (global industrial group) business and
we retain dedicated sector banker coverage
at a global scale for industries where we
have the greatest impact for clients,” she
said in a statement.
The three bankers did not immediately
respond to Reuters’ emailed requests for
comment.
One of the people said a few mid- and
junior-level Hong Kong and Singapore-based
bankers from the consumer and telecoms
and media coverage teams would also be
leaving over the next couple of months.
StanChart announced separately last
Thursday the departure of Singapore-
based Ananth Venkat, global head of the
global industries group, who the bank
said was leaving to pursue interests in the
technology start-up sector.
Steven Cranwell will assume Venkat’s role
in addition to his responsibilities as global
head of commercial real estate.
SUMEET CHATTERJEEWho’s moving where...
STATE STREET has
appointed Michele
Hardeman head of
global markets for
Asia Pacific.
Hardeman, who has
relocated to Hong
Kong from Boston
to take up her new
role, used to be head
of foreign exchange
sales for global
markets. She now
reports to Asia PacificCEO Wai-Kwong Seck
and global head of
global markets Lou
Maiuri.
Hardeman joined
State Street 20 years
ago and has served as
head of FX sales for
Australia and later for
the Americas. Henry So has
joined BANK OF
COMMUNICATIONS’
Hong Kong branch
as head and chief
product manager
in the structured
and capital finance
department.
He came on board
in July and reports
to Carmen Chen,
general manager of
the department.Prior to joining
BoCom, So worked
at Rabobank for five
years as head of client
coverage in Shanghai.