SINGAPORE, April 4 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)