A bank analyst who has long criticized Standard Chartered has been appointed as the bank's Chief Financial Officer
Source: Global Market Live
Standard Chartered has promoted former banking sector analyst and previous critic Manus Costello to Chief Financial Officer, concluding months of succession search after Diego De Giorgi's sudden departure.
According to a statement, 50-year-old Costello will assume the role immediately and be based in London. He joined Standard Chartered in 2024 as Global Head of Investor Relations. Prior to that, he co-founded Autonomous Research and led research there, with coverage including Standard Chartered and competitors such as HSBC.
This appointment elevates a well-known and outspoken industry figure directly to the top management team of Standard Chartered. CEO Bill Winters described Costello as "insightful and challenging" when hiring him, and noted he previously invited him to offer his criticism directly to the board.
De Giorgi resigned unexpectedly in February to join Apollo Global Management. He was a key person behind Standard Chartered's cost-cutting program and was seen as a potential successor to Winters. At the time, Deputy CFO Peter Burrill stepped in to act in the role temporarily.
Regarding Costello's appointment, Winters stated, "As we move into our next phase of growth and work to achieve our medium-term financial goals, this appointment will further benefit Standard Chartered."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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