Dive Brief:
- Standard Chartered appointed Manus Costello as its CFO, subject to regulatory approval, the bank announced in a Sunday press release. He became the interim group CFO with immediate effect.
- Costello will succeed Peter Burrill, who became interim CFO in February, when Diego De Giorgi left to become private-equity firm Apollo Global Management’s head of Europe, Middle East and Africa. De Giorgi had served as StanChart’s finance chief for roughly two years.
- The London-based bank announced Costello’s appointment ahead of its investor day in Hong Kong. During the event, Costello, alongside StanChart CEO Bill Winters, will “share our growth strategy and medium-term financial framework for the Group,” Costello wrote in a Monday post on LinkedIn.
Dive Insight:
Costello joined Standard Chartered in 2024 as its global head of investor relations, according to his LinkedIn profile. He previously spent 14 years at AllianceBernstein, ending as global head of research, and served as senior director of equity research at Merrill Lynch.
As CFO, Costello will receive an annual base salary of £1.1 million ($1.4 million). He is also set to receive a pension allowance of £110,000, equivalent to 10% of his base salary, according to the bank. He will be eligible for “discretionary variable pay,” with the first long-term incentive plan award to be received in 2026.
Since joining in 2024, Costello has made “a significant contribution to the Group’s strategic positioning and engagement of stakeholders, while also bringing strong rigour and an entrepreneurial mindset to the role,” Winters said in Sunday’s press release. The bank will continue to rely on Costello’s expertise as it targets its next phase of growth, he said, which includes further expansion into the cryptocurrency and digital assets.
On the digital asset front, StanChart on Monday announced it would acquire Zodia Custody. The deal, subject to regulatory approval, will bring Zodia’s custody services into the bank’s custody financing and securities services business, StanChart said.
The pending acquisition comes a month after Archerpoint, a joint venture by Standard Chartered Limited, and Animoca Brands, became one of the first entities to receive a stablecoin issuer license from the Hong Kong Monetary Authority.
Costello’s appointment is not the only leadership shift StanChart announced Sunday. The bank also named Tanuj Kapilashrami as its chief operating officer, effective immediately, according to the release. The COO role will oversee strategy and “group-wide transformation, ensuring disciplined delivery and resilience of our corporate functions,” the company said.
