Dive Brief:

• London-based Standard Chartered announced Tuesday that its group CFO Diego De Giorgi was stepping down from his role and leaving the company “with immediate effect,” for an unnamed “external opportunity.”
• The bank appointed Peter Burrill, currently group head, central finance and deputy CFO, to serve as interim CFO until a permanent successor is named. StanChart Group CEO Bill Winters thanked De Giorgi for his contribution and cited Burrill’s “extensive sectoral” experience, noting in the release that he provides “valuable continuity to the leadership of our finance function.” 
• New York-based Apollo Global Management announced in a release dated just before midnight EST Monday that it had hired De Giorgi to join the asset manager as a partner and head of EMEA, succeeding Rob Seminara in the role.

Dive Insight:

De Giorgi’s departure comes just over two years after he took the StanChart post. Bloomberg reported his exit caught investors and analysts by surprise as he had been seen as a likely successor to Winters. The company’s shares slid 5.74% Tuesday. 

StanChart declined to comment beyond its release. The global bank is losing an industry veteran with deep investment banking experience.

De Giorgi has spent more than 30 years working for global banks in London, according to the Apollo release. Prior to joining StanChart in 2023, he was most recently the co-chief executive of special purpose acquisition company Pegasus Europe. He has also served in leadership roles at Bank of America, including as head of global investment banking from 2015 to 2019 and co-head of corporate and investment banking for the EMEA region from 2013 to 2015, according to a release at the time. For nearly two decades, he also worked at Goldman Sachs holding various roles, including COO of the company’s investment banking division. He left Goldman in 2012.  

Apollo has about $155 billion in assets under management in EMEA and established the group’s headquarters in London more than two decades ago, according to the release.

“We have known Diego for many years and believe he will be a terrific steward of business in this next phase, bringing significant industry experience and a European perspective,” Apollo President Jim Zelter said in a statement in the release. “He starts in a position of strength, succeeding Rob who has overseen strong AUM growth, the formation of new businesses and a continued expansion in local markets during his tenure in Europe.”

StanChart said it will announce a permanent GCFO “in due course.” Burrill, who will be based in London, has worked in a range of senior roles at StanChart since joining the bank in 2017 from Deutsche Bank, where he served as group controller, co-head-group finance from 2013 to 2017. He is also a former partner at the Big Four firm KPMG. 

In the latest reported earnings, StanChart reported operating income rose 5% year-over-year to $5.1 billion for the third quarter ended Sept. 30, excluding notable items related to Ghana hyperinflation and the revaluation of FX positions in Egypt.