More executive shake out at StanCha – now seeks new corporate business boss

(Bloomberg) — Standard Chartered Plc is working with an executive search firm to find an external candidate to replace Mark Dowie to head its corporate and institutional business as part of Chief Executive Officer Bill Winter's management overhaul, according to a person with knowledge of the matter.

Winters, 53, is currently only considering outside applicants for the role, which oversees Standard Chartered's transaction banking, corporate finance and financial markets operations, said the person, who asked not to be identified because the process is private. The search may be completed as early as year end, according to the person.

Since taking over from Peter Sands in June, Winters has increased his oversight by appointing a new 13-member management team reporting directly to him. He also assumed responsibility for all three of the firm's main divisions from deputy-CEO Mike Rees, who used to run the investment bank. The London-based lender, which generates most of its earnings in Asia, is reeling from turmoil in emerging markets and a drop in commodity prices, which have driven down the share price 23 percent this year.

The shares rose 0.8 percent to 741.1 pence on Thursday in London. They dropped about 29 percent in 2014 under Sands.

The bank has seen a string of departures in recent months. Morad Mahlouji, Standard Chartered's head of financial markets for the Middle East, North Africa and Pakistan, has left as the lender merges its MENA and Africa businesses, two people with knowledge of the plan said on Thursday. Dinesh Khanna, head of transaction banking in the region, will also leave the bank, the people said, asking not to be identified because the information isn't public.

Ken Reich, head of financial markets for Europe, also left this month, two people said on Thursday.