Standard Chartered appoints Manus Costello as new Chief Financial Officer

By Harry Wilson

 

Standard Chartered Plc picked Manus Costello to be its new chief financial officer, ending a months-long search to replace Diego De Giorgi.  

Costello, 50, will be based in London and takes on the role with immediate effect, according to a statement. He joined the bank in 2024 as its global head of investor relations. He previously oversaw research at Autonomous, the financial research provider he co-founded.

 

De Giorgi’s departure in February to join Apollo Global Management Inc was unexpected for investors and analysts, who viewed him as a key figure behind the bank’s cost-cutting effort. He had been considered a potential successor to Chief Executive Officer Bill Winters. Deputy CFO Peter Burrill stepped in to take the job on an interim basis.

 

 

The lender also appointed Tanuj Kapilashrami as chief operating officer for the group, according to the statement.

 

The bank will this week unveil an updated set of financial targets at an investor event in Hong Kong, having completed a cost-cutting exercise known as ‘Fit for Growth.’

 

The fresh targets are intended to set the bank’s course for the years ahead and how it plans to grow businesses such as investment banking and wealth management.

 

The bank posted record earnings in the first quarter, thanks to wealth inflows. That helped offset credit charges tied to the conflict in the Middle East.