London: Standard Chartered Plc named Bill Winters to replace Peter Sands as chief executive officer as the bank seeks to reverse faltering earnings growth. Shares surged. Winters, 53, a former co-chief executive officer of JPMorgan Chase and Co.’s investment bank, will join the group in May, before taking over as CEO a month later, in London, Standard Chartered said in a statement on Thursday. Chairman John Peace plans to step down from the board next year.
Sands, 53, has come under pressure from investors after Standard Chartered’s share price plummeted in the past two years following a series of scandals including sanctions violations. The bank, which makes about three-quarters of its earnings in Asia, has been closing businesses and cutting jobs after a drop in earnings in 2013 ended more than a decade of growth. “Bill is globally respected banker” and has the “right experience, skills to drive group’s new phase of growth,’ Peace said in the statement. ‘‘He brings substantial financial experience from leading successful global business, exceptional understanding of global regulatory, conduct environment.”