At a Glance

  • Standard Chartered, headquartered in London, announced on Tuesday that its Group Chief Financial Officer, Diego De Giorgi, will step down and leave the company with "immediate effect" due to an unspecified "external opportunity."
  • The bank has appointed Peter Burrill, currently Group Head of Central Finance and Deputy Chief Financial Officer, as interim Chief Financial Officer until a permanent successor is determined. Standard Chartered CEO Bill Winters thanked De Giorgi for his contributions and noted Burrill's "extensive industry experience," mentioning in the announcement that he provides "valuable continuity" to the leadership of the finance function.
  • Apollo Global Management, headquartered in New York, announced in a release just before midnight Eastern Time on Monday that it has hired De Giorgi to join the asset manager as a partner and head of EMEA (Europe, Middle East, and Africa), succeeding Rob Seminara.

In-Depth Analysis

De Giorgi's departure comes just over two years after he took on his role at Standard Chartered. Bloomberg reported that his exit surprised investors and analysts, as he was seen as a potential successor to Winters. The company's shares fell 5.74% on Tuesday.

Standard Chartered declined to comment beyond its announcement. The global bank is losing an industry veteran with deep investment banking experience.

According to Apollo's release, De Giorgi has worked in global banking in London for over 30 years. Before joining Standard Chartered in 2023, he most recently served as co-Chief Executive Officer of special purpose acquisition company Pegasus Europe. He also held leadership roles at Bank of America, including Head of Global Investment Banking from 2015 to 2019 and Co-Head of Corporate and Investment Banking for EMEA from 2013 to 2015, according to announcements at the time. At Goldman Sachs, where he worked for nearly two decades, he held various positions, including Chief Operating Officer of the investment banking division. He left Goldman Sachs in 2012.

According to the release, Apollo manages approximately $155 billion in assets in the EMEA region and established its group headquarters in London more than two decades ago.

"We have known Diego for many years and believe he will be an excellent steward of the business in its next phase, bringing extensive industry experience and a European perspective," Apollo President Jim Zelter said in a statement in the release. "He is well positioned to succeed Rob, who drove strong AUM growth, new business formation, and continued expansion of our local market presence during his tenure."

Standard Chartered said it will announce a permanent Group Chief Financial Officer "in due course." Burrill, who will be based in London, has held various senior roles since joining Standard Chartered from Deutsche Bank in 2017; at Deutsche Bank, he served as Group Financial Controller and Co-Head of Group Finance from 2013 to 2017. He is also a former partner at Big Four accounting firm KPMG.

In its most recent earnings report, Standard Chartered reported that revenue for the third quarter ended September 30 grew 5% year-over-year to $5.1 billion, excluding major items related to Ghana's hyperinflation and the revaluation of Egypt foreign exchange positions.