StanChart global M&A head Suckling to take year sabbatical -source
SINGAPORE, April 4
SINGAPORE, April 4 (Reuters) - Standard Chartered PLC's global head of mergers and acquisitions Andrew Suckling will take a one-year sabbatical less than two years after assuming the role, a person with knowledge of the matter said.
The sabbatical would come after the U.K. bank - which makes 90 percent of profit in Asia, the Middle East and Africa - cut its bonus pool last year by 15 percent to $1.2 billion due to weak earnings performance.
Suckling has been with Standard Chartered since 2006 and became global M&A head in August 2012. It is unclear when the sabbatical would begin.
There was no immediate notice of who would step in, the person said, raising the possibility of executive reshuffling in the bank's M&A business.
Standard Chartered did not immediately respond to a Reuters request for comment.
Standard Chartered reported its first annual profit decline in a decade last year. It also said the first-half of 2014 would be challenging as Asian markets slow, tougher regulations squeeze margins and its business in South Korea struggles. (Reporting by Saeed Azhar; Editing by Christopher Cushing)