Standard Chartered Poaches HSBC’s Mark Smith as Chief Risk Officer

In his new role as the Chief Risk Officer, Mr. Smith will be based out of London, where he will

Standard Chartered has appointed Mark Smith as its newest Chief Risk Officer, who joins the bank from rival Asian bank HSBC, according to a recent Reuters report.

In his new role as the Chief Risk Officer at Standard Chartered, Mr. Smith will be based out of the bank’s London branch, where he will report to Chief Executive Bill Winters. He will be managing the group’s credit, market, and operational risk for a wide range of its business, in the UK and abroad.

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Mr. Smith will effectively join Standard Chartered only in January 2016, given his present affiliation with HSBC. Currently he serves as its Chief Risk Officer for Europe, Middle East and Africa (EMEA) region, having been a mainstay at HSBC dating back to 1982.

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Standard Chartered reported its H1 2015 financial metrics earlier today, which showed an operating income of $8,495 million, down -8% YoY from H1 2014. One of the paramount drivers of this trend was the aggregate weight of foreign exchange (FX), business divestments, and mark to market valuations, largely commensurate with the rest of the industry, as was outlined last week with Deutsche Bank and HSBC’s Q2 financial earnings.

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