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StanChart financial market head for Greater China, North Asia leaves amid job cuts

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StanChart financial market head for Greater China, North Asia leaves amid job cuts

Standard CharteredPlc's head of financial markets for Greater China and North Asia hasleft the company, marking the latest executive departure at the struggling lenderamid groupwide job cuts as part of a cost-cutting campaign.

Gene Kim, who had held the Hong Kong-based role since February2011, is no longer with the firm, a person with knowledge of the matter told S&PGlobal Market Intelligence, speaking on condition of anonymity because of its sensitivity.Gabriel Kwan, a spokeswoman at StandardChartered Bank (Hong Kong) Ltd., confirmed his departure while decliningto comment on the reason for it.

The company on April 20 told employees that Kim would end hisnine-year career at the bank, according to an internal memo obtained by S&PGlobal Market Intelligence, which did not name a replacement. His last day was April29, said the person with knowledge of the matter. Layoffs at StanChart in Hong Kongappear to have accelerated, affecting executives as well as rank-and-file staff,after the group reported a loss for 2015, the person said.

London-based, Asia-focused StanChart said in November 2015 that it will cut 15,000 jobs by 2018,as then-new CEO Bill Winters sought to rein in costs. About a month before the announcement,Winters told staff that positions at risk will include about 1,000 top-level roles,Reuters reported at thattime. In October, the bank reportedly dismissedfour senior staff in Hong Kong, including the head of financial markets for thecity.

Elsewhere in Asia, StanChart laid off four managing directors handling energy deals inSingapore at the end of 2015, according to a Reuters report.

After making its first annual loss in more than two decades in 2015, the company in Aprilreported a 59% drop infirst-quarter pretax profit.