"I Fired Them" - The Tough Calls Behind Standard Chartered's Turnaround

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0:00So, what did you do with these mercenaries?

0:01I fired them.

0:02In 2015, Bill Winters took over Standard Chartered at one of the most fragile moments in its history.

0:10I had the view that it was really a great company that had lost its way a little bit,

0:14or maybe a lot, but there was kind of a generalized looseness

0:17around controls. My first step was to just try to tighten things up.

0:20Put out these little fires that you found.

0:22So, I think that the bank had overemphasized growth to basically feed that sense,

0:27and underemphasized controls.

0:29Were people receptive to what you were proposing? How did you handle

0:32what must have been resistance within the company? People who didn't want to change.

0:36There was a core of really strong people in the bank that had been there for a long time,

0:40and then there were people that I sometimes, not so affectionately, refer to as mercenaries.

0:44Mercenaries?

0:45Yeah. I mean they came in, they did things that were not really value-accretive for shareholders,

0:50they took risks that were not really appropriate, they got paid big bonuses.

0:54So, what did you do with these mercenaries?

0:55I fired them, immediately.

0:57A lot of them left before I came because they knew it was coming. The ones that were left,

1:00they went because I found that that the people

1:02who had stayed around through that less controlled period felt a bit liberated.

1:06Of course, it was hard because we cut expenses, we streamlined the management structure, we exited

1:10a couple of businesses. Nothing major, but you know, it was tough for the people that were here.

1:14As it happens, I probably went too far because in fact...

1:17You went too far?

1:17Probably.

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