At a glance

  • Standard Chartered announced in a press release on May 17 the appointment of Manus Costello as group chief financial officer, subject to regulatory approval. Costello will serve as interim group chief financial officer (GCFO) effective immediately.
  • Costello will succeed Peter Burrill, who became interim GCFO on February 10, when the company announced Diego De Giorgi's departure to pursue external opportunities. De Giorgi served as CFO for about two years and left to join private equity firm Apollo Global Management as a partner and head of Europe, the Middle East and Africa, as Banking Dive, a sister publication of CFO Dive, reported at the time.
  • The London-based bank announced Costello's appointment on its website roughly a day before its investor day in Hong Kong. During the event, Costello will join Standard Chartered CEO Bill Winters, and they will "share the group's growth strategy and medium-term financial framework," Costello wrote in a post on LinkedIn on Monday.

Deep dive

Costello joined Standard Chartered in 2024 as head of global investor relations, according to his LinkedIn profile. He previously had a 14-year career at AllianceBernstein, where he served as head of global research, and was a senior director of equity research at Merrill Lynch.

"I am honored to serve as Standard Chartered's group chief financial officer, subject to regulatory approval," Costello wrote in Monday's post. "We operate in some of the world's most dynamic markets, and strong financial discipline is essential to creating long-term value for our clients, shareholders, and communities."

As CFO, Costello will receive an annual salary of £1.1 million (approximately $1.4 million). He will also receive a pension allowance of £110,000, equivalent to 10% of his base salary, according to the bank. He is also eligible for "discretionary variable compensation," with the first long-term incentive plan award to be granted in 2026.

In a statement in the press release, Winters said that since joining in 2024, Costello has "made significant contributions to the group's strategic positioning and stakeholder engagement, while bringing a rigorous approach and entrepreneurial mindset to the role." Winters said the bank will continue to rely on Costello's expertise to advance the next phase of growth, which includes further expansion into the cryptocurrency and digital assets space.

The bank announced Monday that its offer to acquire Zodia Custody, a digital asset custodian backed by SC Ventures, has been accepted by shareholders. The transaction, which is subject to regulatory approval, will integrate Zodia's custody services into the bank's custody financing and securities services business, the company said in a press release.

The pending acquisition comes about a month after Archerpoint, a joint venture between Standard Chartered Bank (Hong Kong) and Animoca Brands, became one of the first entities to receive a stablecoin issuer license from the Hong Kong Monetary Authority, according to an April 10 press release. The license allows the entity to issue HKDAP: a regulated stablecoin backed by the Hong Kong dollar.

The CFO appointment is also one of several executive appointments the bank has made in recent months. Standard Chartered also appointed Tanuj Kapilashrami as group chief operating officer, effective immediately, according to a May 17 press release. The COO role will be responsible for strategy and "group-wide transformation, ensuring disciplined delivery and resilience across corporate functions," the company said.

Earlier this month, the bank appointed Michelle Sweanepoel as head of financing and securities services for the Middle East and Africa, succeeding Scott Dickinson, according to a press release at the time. The bank also hired new leaders for its global transaction services and digital assets teams, as well as its corporate and investment banking global coverage team, according to related announcements.