Standard Chartered names Manus Costello as Permanent CFO
Synopsis
Standard Chartered has slated Manus Costello as a permanent CFO with better earnings and growing income from its wealth management division in the quarter. The timing of the appointment coincides with global banks' recent attention to Asian markets, as well as cross-border banking growth and activity arising from the financing needs of the Gulf.
Standard Chartered has appointed Manus Costello as its CFO following a report of better profits in the first quarter and revenue growth in its wealth management and banking lines.
Key Highlights
- Manus Costello was appointed as the new permanent CFO of Standard Chartered on May 17.
- In the first quarter of 2026, the bank reported a pre-tax profit of $2.5 billion.
- During the last quarter, the income of Wealth Solutions grew by 32%.
- The revenue is maximised from the operations in Asia, Africa and the Middle East by Standard Chartered.
Standard Chartered has slated Manus Costello as permanent CFO (Chief Financial Officer), handing the finance role to an internal executive as global banks continue leaning on wealth management and cross-border banking growth.
Standard Chartered has onboarded Manus Costello as its permanent chief financial officer, handing the finance role to an internal executive as global banks continue to lean into wealth management and cross-border banking growth.
The bank confirmed Costello's hiring on May 17, after Diego De Giorgi left in February to join Apollo Global Management. After joining Standard Chartered in 2024 as the global head of investor relations, Costello will also become executive director of the lender's board upon regulatory approval.
The transition is being accompanied by the growth of activity at Asian wealth markets and the debt issuance and corporate financing divisions of international banks in the Gulf.
Earnings Growth Makes a Leadership Transition Possible.
In its latest quarterly earnings, the bank said it posted an operating income of $5.9 billion, a 9% increase from the same quarter a year ago. Profit before tax grew 17% to $2.5 billion, compared with an average of $2.2 billion by LSEG's estimates of analysts.
Revenue from wealth solutions grew by 32% for the quarter, while global banking revenue rose by 19%. Client activity continued in a strong manner in Hong Kong, Singapore, India, the United Arab Emirates and mainland China, the lender said.
Unlike some in the UK and Europe, Standard Chartered makes more of its revenues in Asia, Africa and the Middle East.
Banking Sector Tracks Asia, Gulf Momentum,
The appointment comes after a number of global lenders are building wealth and investment banking presence in Asia and the Gulf.
Industry data from Dealogic over the past few months indicated bond issuance activity in the Middle East was still high in early 2026, bolstered by demand for sovereigns and financing for infrastructure. Banks that are exposed to the Gulf and Asian markets have logged in more consistent fee revenue amid ongoing geopolitical risks and uneven global trade growth.
As part of its recent quarterly filing, Standard Chartered reported a $190 million provision related to the uncertainty surrounding the Middle East conflict. However, the bank maintained its full-year guidance.
Earlier this year, De Giorgi left the company, prompting a number of analysts to consider him a potential replacement for Chief Executive Bill Winters, a move that brought attention to him in the banking industry.
Costello's appointment was confirmed while Peter Burrill served as interim CFO.
FAQs
Q1. Why did Standard Chartered appoint Manus Costello as CFO?
Standard Chartered appointed Manus Costello after former CFO Diego De Giorgi left the bank in February 2026.
Q2. What were Standard Chartered’s latest quarterly earnings?
The bank reported first-quarter 2026 operating income of $5.9 billion and profit before tax of $2.5 billion.
Q3. Which regions drive most of Standard Chartered’s business?
Standard Chartered earns most of its revenue from Asia, the Middle East and African markets.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
