Post-bonus, StanChart sees exodus
Mumbai: After having collected their bonus cheques, over 15 executives from Standard Chartered Grindlays (StanChart Grindlays) are said to have left the services of the bank. Almost all of them are believed to have joined Max New York Life, the insurance outfit of the Max India group currently run by Mr. Anuroop Singh, former head of Grindlays’ operations in India.

Among those who left recently are Rahul Khosla (head of retail banking), Sunil Sharma (head of sales and services), Bapay Dastoor (head of legal department) and Vinit Kohli (head of finance).

The bank has already initiated an internal exercise to identify excess flab in the organisation and offer VRS, in accordance with its application to the Reserve Bank of India.
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Jhaveri to lead SSB operations in India
Mumbai: Mr. Pramit Jhaveri, who spent more than a decade at Citibank, has been deputed to head investment banking firm, Salomon Smith Barney, as its managing director. Before taking up his current job, Mr. Jhaveri was vice-president and head of corporate finance and capital markets at Citibank in India.

The investment bank, which began its Indian operations earlier this month, is looking for an increasing share of high-margin corporate advisory work as Indian companies, particularly in the technology sector, expand overseas.

It recently advised Silverline Technologies in a couple of recent takeovers and guided Videsh Sanchar Nigam to a listing on the New York Stock Exchange in August.

Other appointments made at the investment bank were that of Mr. Brian Brown who will lead the equity sales unit in India and Mr. Ratnesh Kumar, formerly head of research at Credit Lyonnais Securities Asia in India, will head the corresponding division at the US bank.
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