Date
19 August 2017
Bill Winters, former head of JPMorgan Chase & Co.’s investment bank, will take over as Standard Chartered CEO in June. Photo: Bloomberg
Bill Winters, former head of JPMorgan Chase & Co.’s investment bank, will take over as Standard Chartered CEO in June. Photo: Bloomberg

Ex-JPMorgan executive Bill Winters to lead StanChart

William Thomas “Bill” Winters, 53, former head of investment bank at JPMorgan Chase & Co., will replace Peter Sands as Standard Chartered Plc. (02888.HK) chief executive in June.

Sands is leaving after eight years at the helm and 13 years of service at the London-based lender that is undergoing a management overhaul.

Chairman John Peace and Asia chief executive Jaspal Bindra are also stepping down, next year and in April respectively, to pave the way for a newly constituted board of directors.

The leadership change came after the Asia- and emerging market-focused bank kick-started a business restructuring last year. The bank will close its equity business and shed 4,000 jobs.

Former finance director Richard Meddings and former consumer banking head Steve Bertamini left soon afterwards.

Analysts said the new leadership move reflects the bank’s determination to pursue its transformation.

Singapore’s Temasek Holdings, the bank’s largest shareholder with a 17.7 percent stake, is said to have welcomed the leadership change.

Translation by Vey Wong

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