KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Standard Chartered Plc has announced significant changes to its technology and operations leadership following the departure of Roel Louwhoff, the bank’s Chief Transformation, Technology, and Operations Officer. In response to Louwhoff's exit, the Asia-focused bank has appointed Alvaro Garrido as interim Group Chief Information Officer and Darrell Ryman as interim Group Chief Operations Officer. Both executives will report directly to CEO Bill Winters.
Key Takeaways:
New Interim Leadership in Technology and Operations: The appointments of Alvaro Garrido and Darrell Ryman as interim heads for the bank's information and operations roles mark a strategic move to maintain stability in Standard Chartered’s technology and operations departments. These appointments come amid a broader restructuring within the bank's senior management.
Expansion of Strategic Responsibilities: Tanuj Kapilashrami, the Chief Strategy and Talent Officer, will take on additional responsibilities for leading the bank’s transformation initiatives, including its new cost-cutting strategy, “Fit for Growth.” This program is central to Standard Chartered's efforts to streamline its operations and achieve greater efficiency.
Ambitious Cost-Saving Targets: The "Fit for Growth" program aims to save approximately $1.5 billion over the next three years. It includes more than 200 initiatives aimed at reducing annual expenses, targeting savings ranging from a few hundred thousand dollars to several million dollars per initiative. The cost-cutting strategy is part of the bank's broader efforts to enhance profitability and operational resilience.
These changes underscore Standard Chartered’s commitment to maintaining its competitive edge in a rapidly evolving financial landscape while effectively managing costs and driving innovation.
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