The high-level exodus from StanChart's treasury is the first after the 1992securities scandal. More importantly, the first after new country-head, JohnFilmeridis, took over. A few whisper that internal tensions too played apart to trigger the current "byes". Anand, formerly country-treasurer withABN Amro Bank, has been associated with StanChart for seven years. He camein at a difficult time, and over the years, managed to transform the bank'streasury to a leadership position in many areas. He also pumped up thetreasury. Inter-bank sources say the current exits from StanChart are a "bigblow" to the bank, now in the throes of a tough transition.

In recent times, the bank has shed flab, with over a 1,000 opting for avoluntary retirement scheme. A few branches in erstwhile colonial tradingcentres have been closed down. Credit cards and the personal bankingbusiness have been consolidated under Harpal Duggal, an ex-Citibanker, withJaspal Bindra, formerly with the Union Bank of Switzerland, coming in ascorporate-banking head: a line of business that has now perked up.