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Standard Chartered hires former FCA chief

Appointment reinforces CEO’s wish to clean up bank, which has faced numerous probes over the years

Standard Chartered hires former FCA chief

Standard Chartered has hired Tracey McDermott, former head of enforcement at the UK financial regulator, to lead its public and regulatory affairs.

McDermott will start next month as a top adviser to chief executive Bill Winters on bank rules and policy, joining the bank’s management team. She has a tough mandate. Standard Chartered has been probed or penalized in the US, Asia and elsewhere for a variety of alleged wrongdoing. In 2012, it admitted to disguising transactions with customers from sanctioned countries and is being investigated over possible further violations.

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