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Shankar leaves StanChart for PE

The bank’s management team is in flux following a wave of departures

Viswanathan Shankar will be leaving Standard Chartered according to a statement from the bank. Shankar was head of the bank’s business in Europe, the Middle East, Africa and the Americas. Reports suggest that Shankar is moving on to set up his own private equity fund.

“Shankar has decided to make a change of direction in his career and I wish him all the best,” Peter Sands, the Standard Chartered chief executive, said in a statement.

Shankar’s departure is the latest in a wave of changes for the bank. In February, Standard Chartered announced that Peter Sands would be leaving later this year, and would be replaced with William Winters, former head of JPMorgan’s investment bank.

According to the New York Times, Jaspal Singh Bindra, the bank’s chief executive in Asia will also step down from the board of directors at the end of this month and will leave the bank soon after. John W. Peace, Standard Chartered chairman is also expected to leave in 2016.

New leadership may be coming into view however, the bank announced a new structure for its board and three new appointments today. Going forward from May 1, the board will be comprised of three executive directors – the group chief executive, deputy group chief executive and group finance director. The board will also reduce its overall size to 14 directors.

Jonathan Paul is joining as group head, financial markets and will be based in Singapore.

Sumit Dayal will succeed Mark Dowie to become the group head of the corporate finance team in Singapore. He has been with Standard Chartered since 2004. Mark Dowie will become the new vice chair of clients and products, focusing on business development and will be based in London.

Dr. Michael Gorriz will also join the firm from Daimler AG in the third quarter of 2015 as group chief information officer based in Singapore. Gorriz will replace Jan Verplancke who is retiring.

The bank is also in the process of hunting for a new chief risk officer following the announcement that Richard Goulding will be retiring.