Business

Former top City regulator joins Standard Chartered

Tracey McDermott Image copyright Getty Images

A former City regulator, Tracey McDermott, has been appointed to a top job at the bank Standard Chartered.

She left her previous post, as the acting chief executive of the Financial Conduct Authority (FCA), in June 2016.

Now she will now hold the post of head of corporate, public and regulatory affairs for the bank.

Standard Chartered has its headquarters in London but has most of its operations in China, the rest of Asia, the Middle East and Africa.

The company has seen an almost complete revamp of its top management after some poor results in the past few years.

In 2014 it had to bolster its finances by raising more than $3bn from its investors.

Then in 2015 the bank slumped to a pre-tax loss of $1.5bn and slashed its dividend to shareholders.

It had to write off nearly $4bn in bad loans and spent $1.8bn on a big reorganisation of its businesses, leading to nearly 7,000 redundancies.

'Critical role'

Bill Winters, the chief executive of Standard Chartered, said Ms McDermott would be a "great addition" to his management team.

"Tracey has played a critical role in shaping and changing behaviours in the UK financial sector," he said.

"Her strong leadership skills, together with a combined experience of bank supervision, regulation and policy development is outstanding, and she will play a critical role in further enhancing our relationships with regulators and policy makers."

Ms McDermott took over the top job at the FCA, temporarily, in September 2015 after the regulator's chief executive, Martin Wheatley, was eased out by the then chancellor George Osborne.

She soon made it clear that she would not be in the running to take the job permanently and left the FCA in June last year after a 15-year career there.

But during her time in the top job she had to defend the FCA against accusations that it was "going soft" on bank misdemeanours, after it dropped a proposed investigation into whether the culture, pay and behaviour of banking staff had contributed to numerous scandals in the banking industry.

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