SINGAPORE - The global commodities chief at Standard Chartered is leaving the bank as part of the division's restructuring, with many commodities team executives switching to the bank's financial markets unit, according to a company memo and one person familiar with the matter.
It wasn't immediately clear whether the exact role that Mr Belentepe is relinquishing will be retained. Mr Hoornweg said in the memo that with Mr Belentepe's departure, he would"re-align" the financial markets regional head structure and the commodities team. The bank's commodities business is housed within the bank's financial markets business, which includes foreign exchange, credit and capital markets and rates.
The collapse of Singapore-based oil trader Hin Leong has also affected many banks, with StanChart having an exposure of US$240 million , according to a court filing by the trader.In its first quarter, StanChart reported credit impairment of US$956 million and said a large portion of that was accounted for by two clients - in commodity trading and healthcare - but didn't identify the clients.