By Zoey
Standard Chartered announced on Monday the appointment of Manus Costello as its permanent chief financial officer, marking a significant leadership decision for the London-headquartered lender as it prepares to unveil the next stage of its long-term growth strategy.
Costello will succeed Diego De Giorgi, who stepped down from the role in February after serving as finance chief for nearly three years. His departure came unexpectedly and was viewed by analysts and investors as an important management change at a time when the bank was nearing the completion of a broad restructuring and efficiency drive.
The bank said Costello would initially assume the role of interim group chief financial officer with immediate effect while regulatory approvals are completed. He will also join the board as an executive director, further strengthening his position within the bank’s senior leadership team.
Costello joined Standard Chartered in 2024 as global head of investor relations and quickly became closely involved in the bank’s strategic communications with shareholders and institutional investors. According to the bank, he brings more than 25 years of experience in equity research and financial analysis across the global banking sector.
Before joining Standard Chartered, Costello was a founding partner and global head of research at Autonomous, a highly regarded financial services research firm known for its deep focus on the banking industry. Earlier in his career, he spent a decade at Merrill Lynch working in equity research roles across London and New York, building extensive expertise in international banking and capital markets.
Based in London, Costello will report directly to Standard Chartered Chief Executive Bill Winters, who praised his strategic insight and leadership capabilities in a statement announcing the appointment.
Winters said Costello had already made a meaningful contribution to the bank’s strategic positioning and stakeholder engagement efforts since joining the group. He added that Costello’s analytical discipline and entrepreneurial approach would help support the bank as it moves into its next phase of expansion and works toward achieving its medium-term financial targets.
The appointment comes at a pivotal moment for Standard Chartered, with investors closely watching for details of the bank’s updated strategic roadmap during a scheduled strategy presentation on Tuesday.
Market participants expect the lender to outline renewed growth ambitions after several years focused heavily on streamlining operations, improving profitability and reducing costs. The bank has undertaken a broad transformation program in recent years that included asset sales, business exits and restructuring initiatives aimed at sharpening its focus on faster-growing markets in Asia, Africa and the Middle East.
The leadership reshuffle also included another major executive change, with the bank announcing that Tanuj Kapilashrami would become group chief operating officer. She currently serves as chief strategy and talent officer and has played a key role in shaping the bank’s operational and organisational reforms.
De Giorgi’s exit earlier this year attracted considerable attention within the financial industry because he had widely been viewed as one of the strongest potential successors to Winters. Shortly after leaving Standard Chartered, De Giorgi joined [Apollo Global Management as head of the Europe, Middle East and Africa region.
Winters, who became chief executive in 2015, remains the longest-serving head of a major British bank. He has indicated his intention to remain in charge as the lender enters its next strategic cycle, which is expected to span approximately three years.
Under Winters’ leadership, Standard Chartered has undergone a lengthy turnaround effort after years of regulatory setbacks, weak profitability and restructuring challenges. The bank has increasingly focused on corporate banking, wealth management and cross-border financing opportunities tied to emerging markets and global trade flows.
Last month, Standard Chartered reported a stronger-than-expected 17% rise in first-quarter profit, supported partly by increased fundraising activity in Gulf markets as governments and companies accelerated bond issuance amid regional uncertainty.
However, the lender also disclosed a $190 million charge linked to expected losses stemming from the ongoing Iran conflict, highlighting the growing risks facing international banks with exposure to geopolitically sensitive regions.
Despite those challenges, investors have generally responded positively to the bank’s recent financial performance, with analysts pointing to improving returns, disciplined cost management and stronger activity across wealth and institutional banking operations.
The appointment of Costello is expected to provide continuity ahead of the bank’s strategic update, while also signaling confidence in internal leadership as Standard Chartered attempts to build momentum for its next stage of growth in some of the world’s fastest-expanding financial markets.
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