Standard Chartered, the United Kingdom-based bank, announced that Mandy DeFilippo will take over as the CEO for the US and North American markets on March 24.
Mandy DeFilippo will be joining the bank from Citadel Securities, where she has been the Chief Operating Officer and Managing Director of Operations, Risk, and Legal and Compliance since 2022.
After seven years, Steven Cranwell is scheduled to leave the bank, and she will take his place. Her LinkedIn profile states that she was appointed CEO of the Americas in 2021.
“I’m eager to bring my international experience to an organisation with an unparallelled global network and passion for serving its clients, and I look forward to partnering with the Americas team to drive strategic growth and continued success in this important region for the bank,” Mandy DeFilippo said in a prepared statement.
According to Standard Chartered, Mandy DeFilippo will report to Roberto Hoornweg, the bank’s CEO for Europe, the Americas, the Middle East, and Africa.
“Her broad experience across financial markets, banking, and risk management will be hugely value-additive as we respond to an increasingly wide spectrum of needs among our US and Americas clients for financing, advisory, and risk intermediation,” Hoornweg said regarding Mandy DeFilippo’s appointment.
Mandy DeFilippo was the Global Head of Business Unit Risk Management for Morgan Stanley’s Fixed Income division before joining Citadel. She is a Harvard Law School lecturer and was the International Capital Market Association’s (ICMA) chair for several years. In ICMA’s more than half-century history, she was the first female member to occupy that position.
In addition, she will be the first female CEO of Standard Chartered in the US and the Americas. Germana Cruz is the CEO and Head of Financial Institutions in Latin America; Judy Hsu is the CEO of Wealth and Retail Banking; and Anna Urbanska is the CEO of Standard Chartered’s Polish bank.
These are just a few of the other markets where women hold key positions. Several women in banking have recently been promoted to CEO positions. Shortly after Pam Kaur was appointed as the first female Chief Financial Officer by the British bank, Lisa McGeough assumed leadership of HSBC US on January 1.
Additionally, when US Bank President Gunjan Kedia takes over from Andy Cecere on April 15, she will become the second woman to lead a top-10 American bank, matching only Jane Fraser of Citi.
Although Jamie Dimon is still in charge of JPMorgan Chase, attention is focused on Marianne Lake, the CEO of Consumer Banking, as a possible replacement, particularly since Jennifer Piepszak, another strong candidate, was appointed Chief Operating Officer in January 2025.
Appointment Comes At A Good Time
Meanwhile, Standard Chartered PLC’s most recent financial results showed a profit of USD 4.04 billion for 2024. Compared to its 2023 earnings of USD 3.47 billion, this represents a 17% year-over-year (YoY) increase.
While the profit attributable to ordinary shareholders is USD 3.59 billion, the profit attributable to parent company shareholders is USD 4.05 billion. At 1.94%, Standard Chartered’s net interest margin (NIM) is 27 basis points (bp) higher than 2023’s 1.67%. Operating income for 2024 is USD 19.54 billion, which represents an 8% increase over the previous year. Operating costs also increased by 8% to USD 12.05 billion from just USD 11 billion the previous year.
The company’s 2024 Common Equity Tier 1 (CET1) ratio is 14.1%, down from 14.2% in 2023. The total capital ratio is around 21.5%. As of the end of 2024, total loans and advances to customers totalled USD 281.03 billion, while total assets stood at USD 849.69 billion.
Standard Chartered has also made major strides in sustainable finance. The bank generated USD 982 million in income from this sector in 2024, which is a 36% rise from 2023. This brings the bank closer to its goal of reaching USD 1 billion in annual sustainable finance income by 2025.
This growth reflects the bank’s strong commitment to financing the transition to a low-carbon economy. Its sustainable finance lending and financing solutions rose to USD 507 million in 2024, up from USD 386 million in 2023, as per the financial institution’s 2024 annual report. Sustainable finance transaction services surged by 58% to USD 319 million. Payments and liquidity-based services jumped by 82%.
Looking ahead to Standard Chartered’s 2025 plans, the financial venture has announced a share buyback programme to purchase up to USD 1.5 billion of its ordinary shares starting in February. The move will reduce the bank’s share capital, following a non-discretionary agreement with JP Morgan Securities.
The buyback period is set from February 25, 2025, to August 21, 2025, with the stipulation that the activity will not exceed regulatory limits or Standard Chartered’s general authority to repurchase shares as granted by shareholders. The maximum number of ordinary shares that may be repurchased is capped at 250 million.
“JP Morgan Securities will conduct the buyback independently of Standard Chartered, making trading decisions on the London Stock Exchange and Cboe Europe, among other UK-recognised investment exchanges. The arrangement is structured to ensure that purchases adhere to the pre-established parameters and comply with relevant regulations, including the Financial Conduct Authority’s Listing Rules and EU market abuse regulations as incorporated into UK law,” Investing.com stated.
Shares acquired through the buyback will be cancelled as Standard Chartered seeks to streamline its capital structure. This announcement follows the company’s previous communication on February 21, 2025, regarding its intention to initiate the share repurchase.
In February 2025, Standard Chartered also launched its first ‘Priority Private’ centre in the Middle East, Europe, and Africa, dedicated to providing bespoke wealth management solutions for high-net-worth individuals (HNWIs). The new centre will cater specifically to the financial aspirations of the globally mobile HNW diaspora, enabling them to seamlessly manage, grow, and transfer their wealth across generations.