The time of Sands runs out

Standard Chartered’s CEO Peter Sands and Asia CEO Jaspal Bindra are leaving the UK bank amid a broader management shake-up.
Peter Sands
Peter Sands

Peter Sands has quit Standard Chartered after months of speculation surrounding the beleaguered chief executive’s position at the UK bank.

He will be replaced by former JP Morgan executive Bill Winters, who will join the bank in London on May 1 and become group chief executive in June. Sands will stay on until June.

Jaspal Bindra, Asia chief executive, is also leaving as part of a broad management shake-up following a prolonged spell of underperformance.

“After more than eight years as group chief executive, now is the right moment to hand over to new leadership,” Sands said in a statement on Thursday.

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