Barclays’s Didier Von Daeniken Appointed Global Head of Standard Chartered

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By Jacob Maslow

Standard Chartered PLC (LON:STAN),  Daeniken was the former CEO of Barclays’s wealth division in Asia. The news has caused the company’s stock to increase 1.24% on the day.

Von Daeniken was appointed global head of the company in an attempt to expand the bank’s current business as bad corporate loans increased and the company’s stock price has declined. The new global head will report to Anna Marrs, the company’s head of commercial private banking and will begin his position in Singapore in March 2016.

The bank’s CEO Bill Winters revealed the strategy last month that will have the bank expand into emerging markets. The plan will increase the assets under management of the company by $25 billion by 2018. The overhaul increased capital by $5.1 billion, and the announcement that 15,000 jobs will be cut has also been made. Restructuring of $100 billion in assets is also underway in an attempt to increase stock prices that have fallen 63% since 2014.

Didier will attempt to help the company during the restructuring, with the company’s outlook being dim in 2015. Revenue at the bank decreased 18% to 3.7 billion in Q3 while wealth management revenue fell 9.5% year-on-year, down to $399 million in Q3 2015.

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