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Standard Chartered’s shares tumbled last week following sudden exit of Chief Financial Officer Diego De Giorgi.
The bank’s London shares fell 4.1% at the market open while its Hong Kong-listed stock dropped as much as 6.4% before paring losses to stand 1.7% lower, underperforming the benchmark Hang Seng index which was up nearly 0.6%.
De Giorgi stepped down from the role at the Asia- and Africa-focused lender following a two-year stint. He is joining Apollo as head of the EMEA region, the asset manager said in a separate statement.
The departure of StanChart’s top financier comes as an ongoing overhaul helps to boost it’s earnings outlook and with the company’s stock price largely outperforming that of rival HSBC since 2025.
Losing De Giorgi is a “particular blow” for the bank, Jefferies analysts said in a research note.
The CFO had been not only the driving force behind the bank’s cost and efficiency management programme “Fit for Growth”, but had also “had a transformational effect” on investor communications over the past several years that helped the share price multiple, they wrote.
De Giorgi was previously seen as a contender to succeed StanChart Chief Executive Bill Winters, who is the longest-serving banking chief among large British banks.
The London-headquartered lender appointed Peter Burrill as interim group CFO and said an announcement on a permanent appointment will be made in due course.
Burrill, who joined Standard Chartered in 2017 and is currently group head of central finance and the deputy chief financial officer, will be based in London and report to Winters.
De Giorgi will succeed longtime Apollo Partner Rob Seminara, who will remain in the region to support a transition before assuming new, global responsibilities for Apollo later this year, according to the firm.
The asset manager said De Giorgi will oversee a fast-growing region for the firm as it expands credit, equity and hybrid origination, as well as in wealth and retirement solutions.
