Standard Chartered Hires Southeast Asia Private Banking
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Following the exit of Srinivas Siripurapu from Standard Chartered, the private bank has swiftly hired a replacement.
Cedric Lizin joins the bank as its South and Southeast Asia private banking head, following his most recent stint as the Dubai-based head of wealth management at UBS. Andrew Ho, south and southeast Asia market head at the private bank will take on interim responsibilities until Lizin joins later this year.
The bank has been facing a flurry of regulatory hiccups including the most recent news that it was reviewing roughy 8,000 client accounts from its Dubai arm due after regulators exposed a severe lack of know-your-client data ranging from wealth source to even current address or phone numbers.
In addition to regulatory challenges, the private bank also faces a high level of staff dissatisfaction, according an internal survey. When asked if they would recommend others to work for Standard Chartered’s private banking business, the internal metric scored negatively, a Bloomberg report noted.
And possibly as a means of improving morale, senior manages in the region recently delivered handwritten thank you cards to staff. The bank subsequently furthered the exercise by asking employees to write letters praising each other during a team bonding session.
Questions & Answers
Q.What issues has Standard Chartered's private bank been experiencing recently?
What issues has Standard Chartered's private bank been experiencing recently?
The private bank has faced regulatory problems, including a review of 8,000 Dubai client accounts due to insufficient know-your-client data. It also has a high level of staff dissatisfaction, with negative internal scores on recommending the business to others.
Q.Who is the new head of South and Southeast Asia private banking?
Who is the new head of South and Southeast Asia private banking?
Cedric Lizin has been hired as the new South and Southeast Asia private banking head. He previously worked as the Dubai-based head of wealth management at UBS before joining Standard Chartered later this year.
Q.How has Standard Chartered attempted to address staff morale?
How has Standard Chartered attempted to address staff morale?
Senior managers in the region delivered handwritten thank you cards to staff. The bank also organised a team bonding session where employees were encouraged to write letters praising each other.
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