Standard Chartered appoints Manus Costello as permanent CFO

Standard Chartered has named Manus Costello as its permanent Group Chief Financial Officer, filling a seat that’s been occupied on an interim basis since Diego De Giorgi departed in February. Costello, who only joined the bank in 2024 as Global Head of Investor Relations, is making a remarkably fast ascent to the C-suite of one of the world’s most internationally exposed banking groups.

Costello brings roughly 25 years of equity research experience to the role, with a career spent primarily analyzing European banks.

He will be based in London and report directly to CEO Bill Winters. Subject to regulatory approval, Costello will also join the board as an executive director.

He replaces interim CFO Peter Burrill, who held the position after De Giorgi’s exit.

Strong Q1, but new headwinds

Costello inherits a financial picture that’s part tailwind, part turbulence. Standard Chartered posted a first-quarter profit increase of 17% year-on-year, beating analyst expectations. The quarter also came with a new risk charge tied to potential losses from the bank’s exposure to the situation in Iran. The specifics of that charge will be one of the first things Costello has to address with investors.

The bank is also preparing for a broader strategic update. CEO Bill Winters has been reshaping Standard Chartered for years, pushing it away from its troubled legacy of compliance failures and toward a leaner, more profitable model.

What this means for investors watching digital assets

Standard Chartered has carved out a distinctive position among global banks when it comes to crypto and digital assets. The bank has been involved in institutional digital asset custody, tokenization initiatives, and has housed one of the more closely watched crypto research desks in traditional finance. Its analysts have published some of the most widely cited Bitcoin price forecasts in recent years.

Costello’s appointment does not come with any publicly announced digital asset mandate. His background in investor relations is worth noting: Costello spent his first year at the bank talking to shareholders, which means he has a detailed understanding of what institutional investors want from Standard Chartered.

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