Standard Chartered CIO Verplancke leaves

Standard Chartered CIO Verplancke leaves

On the day it outlined plans to cut thousands of jobs, Standard Chartered has revealed that one employee definitely on his way out is CIO and group head of technology Jan Verplancke.

Singapore-based Verplancke is retiring after 10 years at the bank but will stay on until a successor is appointed. Another senior executive, chief risk officer Richard Goulding, is also retiring after eight years in the job.

Having issued three profit warnings last year, Standard Chartered is in the midst of a major shakeup designed to save $400 million in 2015.

It has already axed 2000 retail jobs in recent months, and has now set itself the target of cutting another 2000 and closing up to 100 branches as it encourages customers to go digital, saving up to $200 million.

Meanwhile, the loss-making institutional cash equities, equity research and ECM operations are being shut down, costing 200 jobs but saving around $100 million in 2016.

Peter Sands, group chief executive, Standard Chartered, says: "We are continuing to take significant action on costs by exiting or reconfiguring non-core and underperforming businesses, and by increasing the efficiency of our core businesses."

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