Standard Chartered (STAN.L) has confirmed Manus Costello as its permanent Chief Financial Officer, succeeding Diego De Giorgi, who resigned in February after nearly three years. The Asia- and Africa-focused lender, which provides banking services across a global network, had appointed Peter Burrill as interim CFO following De Giorgi’s abrupt departure to Apollo Global Management. Costello will first serve as interim group CFO, effective immediately, and will join the board as an executive director, pending regulatory approvals.
Costello, who joined the bank this year as global head of investor relations, brings 25 years of experience in equity research, including as a founding partner and Global Head of Research at Autonomous. He previously spent a decade at Merrill Lynch in equity research across London and New York. Based in London, he will report directly to Chief Executive Bill Winters. Winters lauded Costello, noting his “significant contribution to the group’s strategic positioning and engagement of stakeholders” and that this would benefit Standard Chartered “as we move forward into our next phase of growth.”
This key appointment comes just before the bank’s group strategy update on Tuesday, where renewed growth plans are anticipated. The lender is nearing the end of a revamp period that included cost-effective measures and divestitures. De Giorgi’s earlier exit was viewed by some analysts as a blow, with him seen as a contender to succeed Winters, who has led the bank since 2015. Additionally, Tanuj Kapilashrami will transition to the bank’s group Chief Operating Officer from her current role as chief strategy and talent officer. Standard Chartered recently posted a better-than-expected 17% profit gain for the first quarter.
