We had been wondering when John Peace might step down as Chairman of the board for Standard Chartered, as the bank had previously only indicated sometime in 2016. We now know that Peace will step down on Dec. 1, and we think the incoming chairman, Jose Vinals, who is currently the director of monetary and capital markets development for the International Monetary Fund, or IMF, is an excellent choice to replace him.
We think Vinals’ background makes him well suited to advise on the complexity and volatility of the many emerging-market banking systems in which Standard Chartered operates, as well as dealing with the now uncertain outlook for the U.K. banking system. Overall, we think Vinals will have a stabilizing influence and should be able to provide a lot of insight to management as the bank undergoes a complex restructuring plan, all while its major markets are in a period of considerable volatility.
Analyst: Stephen Ellis
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