£2billion man quits banking large: Shares in Liverpool FC sponsor Standard Chartered tumble as high-flyer jumps ship

More than £2billion was wiped off the value of Standard Chartered after its finance chief and frontrunner to succeed chief executive Bill Winters jumped ship.

In a surprise announcement, the bank said Diego De Giorgi has stepped down ‘with immediate effect’ after just over two years in the job.

Diego De Giorgi is leaving the bank

He will be replaced by deputy finance chief Peter Burrill on an interim basis while the lender, which sponsors Liverpool Football Club, searches for a successor.

De Giorgi, who is leaving to join private equity group Apollo, was seen as a potential candidate to replace long-serving boss Winters, who has led Standard Chartered since 2015.

Standard Chartered shares fell as much as 5.7 per cent in early trading – wiping £2.4billion off its value.

Dan Coatsworth, head of markets at AJ Bell, said: ‘It’s telling when a senior executive leaves a company and the share price slumps.

‘Diego De Giorgi’s shock departure from Standard Chartered effectively values him at £2billion. This is the amount wiped off the bank’s market value on the news he’s going to asset manager Apollo.

‘Normally, the departure of a numbers person from a company wouldn’t move the dial. What’s different with Standard Chartered is that De Giorgi was seen as next in line for the CEO job.

‘Incumbent Bill Winters has been in the top role for nearly 11 years, approximately twice as long as the average tenure for a FTSE 100 CEO. 

‘That suggests Standard Chartered will be thinking seriously about long-term succession planning, and the board might be disappointed they didn’t act fast enough to lock in De Giorgi.’

Winters said: ‘As deputy CFO, Pete has extensive sectoral experience. He likewise provides valuable continuity to the leadership of our finance function and takes on the position as a well-regarded member of our global leadership team.

‘Under his interim stewardship we remain well-positioned to capitalise on the strategic focus and momentum of our business.

‘I thank Diego for his contribution, including his valuable support in executing on our strategy. We wish him well for the future.’

Standard Chartered is the main shirt sponsor of Liverpool FC

Joseph Dickerson, an analyst at investment bank Jefferies, said: ‘This departure is a particular blow for Standard Chartered in our view.

‘Mr De Giorgi had been not only the driving force behind the Fit For Growth efficiency program, but also had a transformational effect on investor communications, contributing not just to financial performance but also better communications which have helped the share price.

‘Further, many investors and market participants regarded Mr De Giorgi as a contender for the CEO job at some point.’