Peter Sands (banker)

For other people named Peter Sands, see Peter Sands (disambiguation).
Peter Sands

Peter Sands at the World Economic Forum on East Asia 2009, Seoul, Republic of Korea[1]
Born Peter Alexander Sands [2]
(1962-01-08) 8 January 1962[3]
Residence London, England
Nationality British
Education BA, (Economics & Management),
MPA[4]
Alma mater Brasenose College, Oxford University
Kennedy School of Government, Harvard University
Occupation Banker
Years active 2002–Present
Employer Standard Chartered
Title Executive Director and Group Chief Executive
Board member of Standard Chartered Bank PLC
Institute of International Finance
Department of Health(UK)
Global Business Coalition on HIV/AIDS, Tuberculosis and Malaria
Spouse(s) Betsy Tobin
Children Four

Peter Alexander Sands (born 8 January 1962)[3][5] is a British banker. He was the Group CEO of Standard Chartered plc, a position he has held from November 2006 to June 2015.[6]

Early life and education

Peter Sands was born in the UK on 8 January 1962 to British parents who had themselves been born in Asia. His father, was born in Malaya, a British colony until 1957, where his grandfather ran rubber plantations for the London Asiatic Rubber and Produce Co and his mother was born in India, another former British colonial outpost.[7]

Sands was taken to Malaysia as a baby and spent much of his life outside Britain, mostly in Malaysia and Singapore. He was educated at Crown Woods Comprehensive School in London, and the United World College of the Pacific in British Columbia, Canada before he went to Oxford.[6]

Sands graduated with a BA degree from Brasenose College at Oxford in 1984. He started as a trainee at UK's Foreign and Commonwealth Office,[8] which he left to take a Harkness Fellowship at Harvard University to earn a master’s degree in public administration from Kennedy School of Government.[5][8]

Career

McKinsey (1988–2002)

In 1988, Peter Sands started his active career life as a consultant for the management consulting firm, McKinsey in its London office.[5][6] He held positions of increasing responsibilities in the firm, and in 1996 he became a partner, and later in 2000 rose to position of a director.[5]

Standard Chartered (2002–2015)

In 2002, Standard Chartered PLC,[9] a client of McKinsey, hired Peter Sands as its Group Finance Director.[5] Four years later in 2006, he was chosen as its Group Chief Executive Officer.[5]

Between 2002 and 2008, the headcount of Standard Chartered nearly doubled to 70,000[6][8] and by 2009, more than 90% of its profits came from fast-growing emerging markets mainly in Asia. Standard Chartered had weathered the economic downturn far better than most of its competitors and announced its seventh successive year of record profits in 2009.[10] The British bank rescue plan, which was copied around the world, was based on a blueprint devised by Peter Sands.[11] Standard Chartered itself did not take "any taxpayer money or used any central bank liquidity schemes".[12]

In February 2015, amidst growing shareholder calls for his resignation,[13] Sands announced that he would be stepping down as CEO, effective June 2015. At the time of the announcement, the Wall Street Journal noted that Sands, having served at the helm of Standard Chartered for nine years, was among the "longest-serving chiefs of a major Western bank."[14] On 26 February 2015, it was announced that his successor would be Bill Winters, former co-CEO of JP Morgan's investment banking business.[15]

Boards and honours

Sands is member of the Board of Directors of the Institute of International Finance, the global association of financial institutions, and chairman of their Special Committee on Effective Regulation.[16]

The British government appointed him in 2009 to the Independent Review of Higher Education Funding and Student Finance[17] and serves as a board member of the Global Business Coalition on HIV/AIDS, Tuberculosis and Malaria (GBC)[18]

He is also a member of the British Good Work Commission, which is tasked to examine the major challenges of work in the 21st century and redefine the notion of good work – work that is rewarding for business, society and individuals.[19][20]

Private life

Sands is married to the writer Betsy Tobin, and the couple have four children.[8] They live in Highbury in north London and have a second home in Monmouthshire.

References

  1. ↑ Co-Chair | World Economic Forum on East Asia 2009, Seoul, Republic of Korea, 18–19 June 2009. Weforum.org (19 June 2009). Retrieved on 28 September 2013.
  2. ↑ Bloomberg Businessweek Executive Profile -Peter Alexander Sands. Investing.businessweek.com. Retrieved on 28 September 2013.
  3. 1 2 Risk of protectionism growing. Korea Times. Retrieved on 28 September 2013.
  4. ↑ Seoul G20 Summit Convener Profile- Peter Sands
  5. 1 2 3 4 5 6 Standard Chartered Bank. "Key People". Retrieved 2010-07-10.
  6. 1 2 3 4 "UWC alumni, Peter Sands". uwc.org.
  7. ↑ Treanor, Jill (4 March 2010). "Standard Chartered boss says banks should be allowed to fail – it improves discipline". The Guardian (London). Retrieved 12 January 2012.
  8. 1 2 3 4 Andrew Davidson (30 September 2008). "Peter Sands: The banker who’s still smiling". The Sunday Times. Retrieved 2012-07-15.
  9. ↑ Peter Alexander Sands works at STANDARD CHARTERED PLC since 14 May 2002 currently as a Director - http://www.cbetta.com/director/peter-alexander-sands
  10. ↑ Lucy Farndon, Daily Mail (2010-03-04). "Focus: Sands steers Standard on steady course". thisismoney. Retrieved 10 July 2010.
  11. ↑ Katherine Griffiths (2008-10-15). "Standard Chartered chief Peter Sands was quiet architect of Britain's bank rescue". The Telegraph. Retrieved 2010-07-10.
  12. ↑ Jill Treanor, Julia Kollewe (2010-03-03). "Standard Chartered chief donates £2.1m bonus to charity". The Guardian. Retrieved 2010-07-10.
  13. ↑ Martin Arnold, John Aglionby, Emma Dunkley (2015-02-26). "StanChart appoints Bill Winters as chief executive". The Financial Times. Retrieved 2015-02-26.
  14. ↑ Margot Patrick (2015-02-26). "Standard Chartered CEO Peter Sands Resigns After Unrest at Bank". The Wall Street Journal. Retrieved 2015-02-26.
  15. ↑ Kollewe, Julia (26 February 2015). "Bill Winters: banker not afraid to bare his chest takes reins at Standard Chartered". The Guardian. Retrieved 26 February 2015.
  16. ↑ IIF. "Board of Director – Institute of International Finance". Retrieved 2010-07-10.
  17. ↑ Independent Review of Higher Education Funding and Student Finance. "Members’ biographies". Retrieved 2010-07-10.
  18. ↑ Global Business Coalition on HIV/AIDS, Tuberculosis, and Malaria. "Leadership". Retrieved 2010-07-10.
  19. ↑ The Work Foundation. "The Good Work Commission". Retrieved 2010-07-10.
  20. ↑ Brian Groom (2010-06-28). "Employees feel strain of rise in work intensity". Financial Times. Retrieved 2010-07-10.
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