London-based global banking group Standard Chartered has revealed it will undergo a dramatic shake-up of its leadership team in the coming months. This will include the appointment of Bill Winters, the former head of JP Morgan’s investment banking division, as its new CEO.
Sands has faced mounting criticism of his leadership over the last two years after a series of dismal results
Winters will replace the outgoing Peter Sands in June, bringing to an end a tumultuous period for the bank. Appointed Group CEO in 2006, Sands has faced mounting criticism of his leadership over the last two years after a series of dismal results. The Asia-focused banking group has faced a declining share price in recent months, alongside some hefty fines from US regulators over money laundering allegations.
The new CEO has developed a strong reputation during his time at JP Morgan, where he was widely expected to eventually replace CEO Jamie Dimon. However, a dispute between the pair in 2009 saw London-based Winters leave the firm. He would eventually set up his own asset management firm, Renshaw Bay.
Also departing is Chairman Sir John Peace, who is expected to step down at some point in 2016. Peace has faced considerable criticism for his role in overseeing the downturn over the last couple of years. However, no replacement as chairman has been announced yet.
Announcing the changes, Peace spoke of his admiration for Winters. “Bill is a globally respected banker and has the right experience and skills to drive the group’s new phase of growth. He brings substantial financial experience from leading a successful global business and has an exceptional understanding of the global regulatory and conduct environment. He’s also a proven leader with a strong track record in nurturing and developing talent.”
Other members of Standard Chartered’s board are also set to leave, alongside Jaspal Bindra, who currently heads up the bank’s Asian division. Bindra was criticised last summer when he complained that US authorities were treating banks like criminals.
