Standard Chartered appoints Manus Costello as Group CFO

Standard Chartered has appointed Manus Costello as its permanent Group Chief Financial Officer, subject to regulatory approval, succeeding Diego De Giorgi, who resigned in February after nearly three years with the bank.

The appointment marks another key leadership transition at the Asia- and Africa-focused lender as it prepares to enter its next phase of growth and strategic transformation.

Earlier this year, Standard Chartered had named Peter Burrill as interim CFO following the abrupt departure of De Giorgi, who left the bank to join Apollo Global Management as Head of the EMEA region. The bank had initially announced that Costello would serve as interim Group CFO with immediate effect and would join the board as an executive director, subject to regulatory approvals.

Announcing the latest appointment, the bank said, “Today we have announced that Manus Costello is appointed to the role of Group Chief Financial Officer, subject to regulatory approval.

Manus takes up his new role after joining the Group in April 2024 as Global Head of Investor Relations. Prior to that, Manus had 25 years of experience in equity research, including as a founding partner and Global Head of Research at Autonomous.

This appointment comes at an exciting time for Standard Chartered, as we continue to build the leading super-connector institution for sophisticated clients operating across borders.”

Chief Executive Bill Winters also praised Costello’s contribution to the bank, saying, “He has made a significant contribution to the group’s strategic positioning and engagement of stakeholders, while also bringing strong rigour and an entrepreneurial mindset to the role.”

“This will further benefit Standard Chartered as we move forward into our next phase of growth and deliver on our medium-term financial objectives,” Winters added.

Costello added that he was honoured to take on the role and emphasised the importance of financial discipline in supporting long-term growth across the bank’s global markets.

“We operate across some of the world’s most dynamic markets, and strong financial discipline is essential to creating long-term value for our clients, shareholders and communities,” he said.

Costello also confirmed that he and Winters would present the bank’s growth strategy and medium-term financial framework during the investor event.

“I’m grateful to Bill, Maria and the wider Board for their confidence. I look forward to engaging with investors, clients and colleagues as we move forward together,” he added.

Alongside the CFO transition, Standard Chartered also announced that Tanuj Kapilashrami will become the bank’s new Group Chief Operating Officer. She currently serves as Chief Strategy and Talent Officer.

Industry observers viewed De Giorgi’s exit as a significant development for the bank, with some analysts considering him a potential successor to Winters. However, Winters, who has led Standard Chartered since 2015 and is currently the longest-serving chief executive among major British banks, has indicated that he intends to remain in the role through the bank’s next strategic phase, expected to span around three years.

Before joining Standard Chartered, Costello spent more than 14 years at Autonomous, where he led global research operations. Earlier in his career, he worked at Merrill Lynch as Senior Director, Equity Research, with experience across London and New York.