Standard Chartered has hired David Whiteing as its new group chief operating officer as the bank revamps its top team to put more focus on technology.
The newly expanded role will join together the chief operating officer team with the previously separate IT operations function. Michael Gorriz, group chief information officer, will continue to lead the group’s digital innovation projects.
Standard Chartered will announce a new role for current group chief operating officer Doris Honold "in due course", it said in a statement today. Honold will remain on the management team and will help with the restructuring.
The reshuffle comes as the emerging markets-focused bank tries to keep control of costs, which grew faster than revenues in the first half of the year. Chief executive Bill Winters has pursued a years-long restructuring effort which has involved thousands of job cuts.
The London-headquartered bank poached Whiteing from Commonwealth Bank of Australia, where he was group executive and chief information officer for enterprise services.
Whiteing will be based in Singapore, reporting directly to Winters.
“These changes reflect two vital objectives – ensuring operational excellence in service to our clients and accelerating our digital transformation,” said Winters. “Bringing David on board with a mandate to improve efficiency and deliver better experiences for our clients also gives Michael’s team more space to relentlessly pursue our tech and innovation agenda."
The latest change comes amid a seismic shift in banking, as technology upends the traditional business model and forces lenders to re-examine their operations and adopt new technologies.
Standard Chartered has also invested in technology research, with the launch of its SC Ventures arm to find fintech opportunities.