Standard Chartered has reportedly tapped former Chancellor Sajid Javid and Treasury veteran Charles Roxburgh to succeed José Viñals as its chair – one of the most senior jobs in UK banking.
Executive headhunter Spencer Stuart is said to be considering several City figures for the job, according to the Financial Times.
Viñals, formerly deputy governor of Spain’s central bank and an executive at the International Monetary Fund, joined Standard Chartered in 2016.
The bank is expected to announce his departure as Viñals approaches the nine-year limit recommended by the UK’s Corporate Governance Code.
One of his successor’s top priorities will be overseeing the eventual departure of chief executive Bill Winters, who is the longest-serving CEO of a major UK bank after taking up the role in June 2015.
The next chair will also be tasked with boosting the firm’s struggling shares, which have halved in value during Winters’ tenure.
Roxburgh, 64, is said to be among Spencer Stuart’s top picks. After 23 years at consultancy firm McKinsey, he served as second permanent secretary to the Treasury between 2016 and 2022 – overseeing issues including Brexit and various Covid schemes.
Javid has been informally touted, two unnamed sources told the FT. Now a Conservative backbencher, he served as Chancellor then health minister under Boris Johnson before resigning alongside many other ministers in July 2022.
Before entering politics, Javid worked as a banker for nearly two decades, including at Chase Manhattan Bank and Deutsche Bank.
He has said that he will not stand for re-election this year, opening the door to a return to the City.
City A.M. approached Roxburgh and Javid for comment.
Standard Chartered has a primary listing in London and secondary listings in Hong Kong and India.
Despite its headquarters and primary stock listing being based in London, Standard Chartered makes nearly all of its revenue in Asia, the Middle East and Africa, with hubs in Hong Kong and Singapore.
Much of Winters’ tenure has been spent derisking the bank’s balance sheet after it took on billions in bad loans following the financial crisis.
The bank is trying to streamline its global operations, last year exiting markets in sub-Saharan Africa and Jordan and selling its jet leasing arm to a Saudi wealth fund for $3.6bn (£2.8bn).
It plans to reduce costs by more than $1bn by 2024.
The board is reportedly looking for candidates with experience in emerging markets, international fixed-income and foreign exchange trading, which have become increasing important to the bank’s business model.
Other people said to be on Spencer Stuart’s longlist include HSBC chief financial officer Iain Mackay and Tushar Morzaria, a former finance director at Barclays.
Spencer Stuart declined to comment when approached by City A.M.
A Standard Chartered spokesperson told the FT: “The board regularly reviews succession planning and has oversight of detailed plans, including the process of external market mapping of key board and senior management roles.”