Standard Chartered just replaced its CEO Peter Sands with the former JPMorgan executive who was sacked by Jamie Dimon.
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 list 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.
Winters was the London-based co-head of JPMorgan’s investment bank up until 2009 until he was fired by Dimon for apparently raising the alarm over the major risks that the Chief Investment Office was taking at the time.
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.
Elsewhere, Winters was touted to replace Barclays former CEO Bob Diamond, after he resigned a month after the bank was fined for Libor fixing in 2012.
However, instead, he set up an asset management firm, Renshaw Bay.