Ex-FCA chief to join Standard Chartered

Tracey McDermott FCA 700x450.jpgFormer acting FCA chief executive Tracey McDermott will join Standard Chartered as its head of corporate, public and regulatory affairs.

According to the Financial Times, McDermott will join the bank’s management team as it pushes ahead with a plan to turn around its performance through cost-cutting measures including getting rid of $100bn of risky assets, cutting its cost base by $2.9bn and axing 15,000 of its 86,000 jobs by 2018.

In recent years, Standard Chartered has been fined by US regulators for sanctions breaches. It has also had issues with anti-money laundering and is being monitored until the end of the year to make sure historic failings have been fixed.

The FCA is also investigating Standard Chartered in relation to its financial crime controls were in relation to correspondent banking undertaken beyond Europe.

Standard Chartered declined to comment to the newspaper as did McDermott, who is expected to recuse herself from discussion of the FCA probe.

McDermott left the FCA in July having been at the helm since previous chief executive Martin Wheatley departed in 2015.

After being tipped as Wheatley’s permanent successor, then chancellor George Osborne announced on Radio 4 in January 2016 that McDermott had ruled herself of the top job.

Her move into the private sector follows the announcement last week that FCA chief criminal counsel Claire Lipworth, who has been for three years, will become Hogan Lovells financial services team partner.