Bill Winters

This article is about the American banker. For the American professional football player, see Bill Winters (American football).

Bill Winters
CBE
Winters in 2021
Born
William Thomas Winters

September 1961 (age 63)
Connecticut, US
Alma materColgate University
Wharton School at University of Pennsylvania
OccupationBanker
TitleGroup CEO, Standard Chartered
TermJune 2015-
PredecessorPeter Sands
SpouseAnda Winters
Children2

William Thomas Winters, CBE (born September 1961) is an American banker who is the chief executive (CEO) of Standard Chartered, and was formerly co-head of JPMorgan Chase's investment bank.

Early life

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William Thomas Winters was born in September 1961,[1] in Connecticut.[2] He earned a bachelor's degree in international relations from Colgate University, followed by an MBA from the Wharton School at the University of Pennsylvania.[3] He has dual American and British nationality.[1]

Career

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JP Morgan

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Winters joined the JP Morgan graduate trainee scheme because he was too poor to pursue his interest in international diplomacy.[4]

He was key in JP Morgan's development of credit derivatives markets.[5][6]

He was appointed co-head of JP Morgan's investment bank along with Steve Black in 2004; Winters was based in London while Black's office was in New York City. Winters earned much credit for helping the investment bank avoid "structured products and off-balance sheet vehicles that crippled global markets because they didn't make financial sense", as well as his leadership in the acquisition of ailing rival investment bank Bear Stearns in March 2008. Winters was also "instrumental" in JPMorgan's joint venture with and later purchase of Cazenove.[7][8][9]

However, Winters was ousted from his position in 2009 amid reports that he wanted to succeed the CEO Jamie Dimon.[10] Black was replaced by Jes Staley who was named the new CEO of the investment bank, although Black stayed on as chairman of that unit until his retirement in 2011.[11][12]

Renshaw Bay

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In February 2011, Winters founded the hedge fund Renshaw Bay. He put up half the money, with investors Jacob Rothschild and Johann Rupert putting up the balance.[2]

Standard Chartered

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In February 2015, it was announced that Winters would replace Peter Sands as CEO of Standard Chartered in June 2015.[13] Since he joined Standard Chartered, the share price has fallen, as has that of peer HSBC. Standard Chartered's executive pensions attracted some investor criticism in 2019, and some 36% of votes cast at StanChart's annual shareholder meeting in London were against its 2019 directors' remuneration report. [14]

In September 2022, Winters said Hong Kong is "open" and would attend the November 2022 Global Financial Leaders' Investment Summit in the city, despite quarantine measures for inbound travelers.[15] Winters is scheduled to speak at the Summit, with the Hong Kong Democracy Council claiming that his presence, along with other financial executives, legitimizes the Hong Kong government's whitewashing of the erosion of freedoms in the city.[16] Several members of Congress also warned that US financial executives should not attend the Summit, saying "Their presence only serves to legitimise the swift dismantling of Hong Kong's autonomy, free press and the rule of law by Hong Kong authorities acting along with the Chinese Communist Party."[17]

Winters had earlier said in September 2022 that Hong Kong is "open".[15] However, in a November 2022 interview, Winters, after the Summit, said of the current restrictions "I think you should scrap the whole thing. No tests on arrival, no tests on departure, and then just ask people to be responsible."[18] He also said that testing is an issue because business travelers risk getting stuck in Hong Kong for around a week if they test positive.[18]

Other activities

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Winters was one of the commissioners of the UK Independent Commission on Banking after the 2008 financial crisis.

Winters participated in a charity video entitled "Life's a Pitch" alongside other senior financial managers, which was shown at the Young Vic theatre in London in 2013 and raised £250,000.[13]

In 2020 Winters co-founded, with Mark Carney, the Task Force on Scaling Voluntary Carbon Markets, an initiative to increase trading of voluntary carbon offsets.[19][20]

Recognition

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Winters received a CBE in the 2013 Birthday Honours for services to the Economy and UK Financial Services Industry.[21][22]

Personal life

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Winters wife, Anda, is CEO and creative director of the Coronet Theatre, London. They have children.[23]

References

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  1. ^ a b "Standard Chartered plc". Companies House. Retrieved August 29, 2015.
  2. ^ a b Foley, Stephen (February 18, 2011). "The Business On... Bill Winters, Founder, Renshaw Bay". The Independent. Retrieved February 26, 2015.
  3. ^ "Bill Winters". BNE Group. Archived from the original on September 30, 2010. Retrieved February 26, 2015.
  4. ^ "Bill Winters, Standard Chartered: thwarted diplomat's repair job". www.ft.com.
  5. ^ "The dream machine: Invention of credit derivatives". Financial Times. March 24, 2006.
  6. ^ "The birth (And troubled life) of CDS | IFR".
  7. ^ "Five possible outcomes from the swift departure of Bill Winters at JP Morgan". September 29, 2009.
  8. ^ "Cazenove deal marks end of era". November 6, 2004.
  9. ^ Chibber, Kabir. "J.P. Morgan, Cazenove make deal". Marketwatch.
  10. ^ "JPMorgan dumps exec who kept it out of risky, complicated investments". October 11, 2009. Retrieved June 5, 2018.
  11. ^ "Steve Black and the Intrigue at JPMorgan". The New York Observer. November 9, 2010. Retrieved June 5, 2018.
  12. ^ "Why Steve Black is leaving the house of Jamie Dimon". Retrieved June 5, 2018.
  13. ^ a b Kollewe, Julia (February 26, 2015). "Bill Winters: banker not afraid to bare his chest takes reins at Standard Chartered". The Guardian. Retrieved February 26, 2015.
  14. ^ Withers, Iain (May 8, 2019). "StanChart hit by investor protest over CEO pay". Reuters. Retrieved June 24, 2020.
  15. ^ a b Standard, The. "StanChart CEO says Hong Kong "open", plans to attend summit". The Standard. Retrieved September 14, 2022.
  16. ^ "Business Not As Usual | HKDC". HKDC. Retrieved October 26, 2022.
  17. ^ "Hong Kong's finance chief, hit by Covid, aims to attend banking summit in person". South China Morning Post. October 28, 2022. Retrieved October 28, 2022.
  18. ^ a b "Standard Chartered CEO supports Hong Kong as virtual-asset hub". South China Morning Post. November 8, 2022. Retrieved November 8, 2022.
  19. ^ Hook, Leslie; Temple-West, Patrick (December 3, 2020). "Carney calls for '$100bn a year' global carbon offset market". Financial Times.
  20. ^ "TSVCM".
  21. ^ United Kingdom:"No. 60534". The London Gazette (Supplement). June 14, 2013. p. 9.
  22. ^ "Bill Winters, CEO - Standard Chartered Bank". www.sc.com. Retrieved June 5, 2018.
  23. ^ "Five things you need to know about Bill Winters, StanChart chief executive". www.ft.com.
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