adminTinashe Makichi Business Reporter
Standard Chartered Group’s ongoing restructuring exercise will most likely result in the disposal of some of its Zimbabwean assets as the global financial institution steps up efforts to rationalise operations.
Standard Chartered Bank Zimbabwe head corporate affairs, brand and marketing Mrs Lillian Hapanyengwi yesterday said the group’s new structure will be effective at the beginning of 2016 but the impact to specific markets cannot be disclosed as the changes are still in progress.
“As a group, Standard Chartered has a clear sense of direction of travel and the key focus areas of superior execution, targeted investments, divestment where we are not advantaged and innovation in our product and process design. On headcount, the group previously said there would be further personnel changes to come, as we simplify our organisational structure globally. We have already acted to reduce management layers at a global level and as a result will have up to 25 percent fewer senior staff,” said Mrs Hapanyengwi.
“The group’s new structure will be effective from 1 January 2016. As the changes are still work in progress, we are not in a position to provide detail around how these changes will impact specific markets at this point in time.”
The Standard Chartered group sometime this year announced its intention to do away with a quarter of its senior staff resulting in about 1 000 job cuts worldwide in response to pressure from its investors.
The global financial institution is also expected to sell some assets as part of the plan.
Standard Chartered expanded tremendously in the last decade growing its headcount rapidly to around 86,000 worldwide. Considering the global economic outlook and tighter regulations the global financial institution is now looking at reforming its business to boost profitability.
Challenges including China slowdown, uncertainty over United States interest rates and falling commodity prices have greatly affected most European financial institutions.
Online Reporter