Standard Chartered’s global head of commodities has left the bank as part of a broader restructuring of the division.
Cengiz Belentepe, global head of commodities and regional head of Financial Markets West, is leaving Standard Chartered, according to a «Reuters» report, citing an internal memo by Robert Hoornweg, the bank's global head of financial markets.
The memo noted that Hoornweg would «realign» the financial markets regional head structure and the commodities team but did not clarify if Belentepe would be replaced or if his role would be eliminated.
Commodities Restructuring
As part of the reorganization, the bank will look to integrate the commodities sales and structuring teams with financial markets sales and structuring. According to unnamed sources, some commodities, some commodities staff will leave the bank while others are expected to switch divisions, the report added.
Restructuring or reduction of commodities businesses is occurring industrywide amid turbulent times for the asset class. Most notably for Standard Chartered was its $240 million exposure to debt from oil trader Hin Leong. The bank reported credit impairments of $956 million in the first quarter largely due to two unnamed clients in commodity training and healthcare.
