Standard Chartered poaches Simon Cooper from HSBC to run Corporate and Institutional Banking business
Standard Chartered has hired a top executive from HSBC to run its corporate and institutional banking (CIB) business.
The Asia-focused bank said this morning that Simon Cooper would join the group in April of next year as CIB chief executive.
Cooper's appointment is just the latest step for Standard Chartered in executing the new turnaround strategy it first announced last month.
As boss of the bank's largest business, he will be tasked with improving returns on $40bn (£26.8bn) of assets, while investing in new products and services and adding new clients.
Cooper, 48, was until this week group managing director and chief executive of global commercial banking at HSBC.
Cooper has been at HSBC since 1989, having also worked as deputy chairman and chief executive for the Middle East and North Africa, as well as chief executive of its Korean operations and head of corporate and investment banking in Singapore.
His appointment at Standard Chartered will be subject to final regulatory approval.
Standard Chartered group chief executive Bill Winters said Cooper is "at the top of his game as a world-class banker with unrivalled experience across our markets and our businesses".
"He will join the group at a crucial time for the CIB business as we focus on delivering higher returns and selectively growing our client base, boosting investment in core products and services, such as RMB, transaction banking and financial markets, and managing our cost base.
HSBC, meanwhile, said this morning that Noel Quinn will immediately step in to take Cooper's job as chief executive of global commercial banking (CMB) at HSBC.
Noel joined HSBC in 1987, and has led the bank's CMB division in both Asia-Pacific and Britain.