Standard Chartered just replaced its CEO with JPM Jamie Dimon's reject
Getty
As part of a massive shake-up to the embattled Standard Chartered's structure, the emerging markets bank announced in a regulatory statement that Bill Winters will replace Sands, when he steps down in June 2015.
Sands has held the post of CEO since 2006. However, after two years of problems at the lender, including a £644 million Korean unit writedown, job cuts and £39 billion in loans to commodities companies that are being hit by the 50% slump in oil prices, Sands announced his resignation at the beginning of the year.
Standard Chartered, which is listed in London but derives 90% of its profits from Asia, also confirmed that Chairman Sir John Peace will step down some time next year.
Jaspal Bindra, Group Executive Director, will also step down from the board, as Standard Chartered aims to reduce the board size to 14 directors "in due course."
Many people will know Bill Winters from his time at JPMorgan and his subsequent dismissal from the Wall Street giant by boss Jamie Dimon.
Getty
Bloomberg reported, at the time, that Winters was well respected within the firm and an "excellent risk manager", and was responsible of trying to guide JPM back to "a path to safety."
Meanwhile, three years later, a CIO trader called Bruno Iksil rose to infamy after he helped cause £3.9 billion in legal losses for the JPM unit. His preference for huge trades was so large that he was nicknamed the "London Whale" because of his massive bets.
JPM was subsequently fined £644 million for its weak compliance and risk controls in 2013.
Winters had previously been touted to replace Barclays former CEO Bob Diamond, after he resigned a month after the bank was fined for Libor fixing in 2012.
However, he decided instead to set up asset management firm Renshaw Bay.
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market