You are here

Update: StanChart appoints ex-JPMorgan exec Winters as CEO to replace Sands

Asia-focused bank Standard Chartered is to appoint former JPMorgan investment bank head Bill Winters as chief executive to replace embattled boss Peter Sands, Sky reported.

[LONDON] Asia-focused bank Standard Chartered has appointed former JPMorgan investment bank head Bill Winters as chief executive to replace embattled boss Peter Sands.

"Peter Sands will stand down from the Board and as Group Chief Executive in June 2015," the British bank said in a statement.

The bank's chairman John Peace praised Sands, who became the group's chief executive in 2006, saying that he had presided "over a period of huge change and challenge for the entire industry".

Singapore state investor Temasek Holdings welcomed the appointment of Winters as Standard Chartered's new chief executive. "We take this opportunity to welcome Bill Winters as the next CEO of Standard Chartered, to build on and grow its excellent franchise," Temasek said in a statement.

"He brings with him considerable experience as well as an excellent reputation for building good teams." "This on-going process for board renewal must continue as the requirements and challenges facing the banking and financial sector across the world have become much more complex and onerous," Temasek added.

Temasek, which has a 17.7 per cent stake in Standard Chartered, has been the bank's biggest investor since 2006.

The bank, which focuses on emerging markets, was under pressure from shareholders and the move was welcomed on the London stock exchange where its shares jumped 1.36 per cent to 938.90 pence at 0900 GMT.

Standard Chartered last month said it would close a swathe of its global equities business and axe 2,000 jobs around the world this year as it tries to make savings of US$400 million (S$540 million) as part of a structural overhaul.

Standard Chartered, which makes 90 per cent of its profits in Asia, the Middle East and Africa, saw its net earnings fall 16 per cent for 2013 as it faced increased competition in Asia and troubles turning around its South Korean unit.

In August, US regulators hit it with a US$300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.