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Johannesburg - Standard Bank Group [JSE:SBK] has appointed a new head of corporate and investment banking and will shift the position to Johannesburg from London, as part of a push to focus on deals closer to home.
Africa's top bank by assets has been struggling to rein in costs and streamline a structure bloated by years of aggressive expansion. Faced with a declining return on equity, Standard Bank has said it no longer aims to be a major player in emerging markets outside of Africa.
David Munro, formerly the head of investment banking, will take over as CEO of corporate and investment banking as of July 1, Standard Bank said.
"Following the previously announced tightening of Standard Bank's group strategy, it has become clear that the head of (corporate and investment banking) should in future be based in Johannesburg rather than London," the bank said.
Munro will replace Rob Leith, who will take a new job as head of strategic expansion, reporting directly CEO Jacko Maree.
Standard Bank said in March it no longer had plans to buy or build additional domestic businesses outside of Africa. Also in March it sold its 36.4% stake in Russian investment bank Troika Dialog for $372m to Russia's Sberbank.
Argentine newspapers reported last week it would sell its majority stake in Standard Bank Argentina for around $700m to Industrial and Commercial Bank of China (ICBC).
A spokesperson for Standard Bank, which is 20% owned by ICBC, said the reports were speculation.
Standard Bank last year cut more than 2 000 jobs in Johannesburg and London, citing continued pressure on revenue. In London the cuts came to 160 permanent positions, or 13% of its workforce, and 110 contractors.
Africa's top bank by assets has been struggling to rein in costs and streamline a structure bloated by years of aggressive expansion. Faced with a declining return on equity, Standard Bank has said it no longer aims to be a major player in emerging markets outside of Africa.
David Munro, formerly the head of investment banking, will take over as CEO of corporate and investment banking as of July 1, Standard Bank said.
"Following the previously announced tightening of Standard Bank's group strategy, it has become clear that the head of (corporate and investment banking) should in future be based in Johannesburg rather than London," the bank said.
Munro will replace Rob Leith, who will take a new job as head of strategic expansion, reporting directly CEO Jacko Maree.
Standard Bank said in March it no longer had plans to buy or build additional domestic businesses outside of Africa. Also in March it sold its 36.4% stake in Russian investment bank Troika Dialog for $372m to Russia's Sberbank.
Argentine newspapers reported last week it would sell its majority stake in Standard Bank Argentina for around $700m to Industrial and Commercial Bank of China (ICBC).
A spokesperson for Standard Bank, which is 20% owned by ICBC, said the reports were speculation.
Standard Bank last year cut more than 2 000 jobs in Johannesburg and London, citing continued pressure on revenue. In London the cuts came to 160 permanent positions, or 13% of its workforce, and 110 contractors.
