Standard Chartered on Monday appointed investor relations head Manus Costello as group chief financial officer and an executive director, replacing Diego De Giorgi ahead of a closely watched strategy update expected to outline the bank’s next phase of growth.

The London-based lender said Costello, 50, would serve as interim group chief financial officer with immediate effect while awaiting regulatory approval for the permanent role. He will report directly to chief executive Bill Winters and join the bank’s management team and board.

Reuters reported that the appointment comes one day before Standard Chartered’s strategy presentation to investors, where markets expect updated growth targets as the bank nears the end of a multi-year restructuring programme focused on cost reductions and divestments.

Costello joined Standard Chartered in April 2024 as global head of investor relations after a 25-year career in equity research, including roles as founding partner and global head of research at Autonomous and earlier positions at Merrill Lynch in London and New York. Standard Chartered said he would be based in London.

Winters said Costello had already made “a significant contribution to the group’s strategic positioning and engagement of stakeholders” and added that his “strong rigour and an entrepreneurial mindset” would help the bank deliver its medium-term financial objectives.

Costello said Standard Chartered was “a compelling franchise” with cross-border capabilities valued by clients and added that he looked forward to “building on our momentum, and in delivering on our future ambition at this exciting time for the business”.

Reuters reported that De Giorgi left the bank in February after nearly three years to join Apollo Global Management as head of the Europe, Middle East and Africa region. Peter Burrill had been serving as interim finance chief since De Giorgi’s departure.

The bank announced a second senior leadership change on Monday, appointing Tanuj Kapilashrami as group chief operating officer with immediate effect. Standard Chartered said the role would oversee strategy, group-wide transformation and the resilience of corporate functions. Kapilashrami joined the lender in 2017 and has been part of the management team since 2021.

Reuters noted that some analysts had viewed De Giorgi as a potential successor to Winters, who has led Standard Chartered since 2015 and remains the longest-serving chief executive among Britain’s major banks. The bank last month reported a 17 per cent rise in first-quarter profit, helped by strong bond issuance activity in Gulf markets.

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