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Standard Chartered names McDermott group head of compliance

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Standard Chartered names McDermott group head of compliance

Standard Chartered PLC named Tracey McDermott to replace Neil Barry as group head of compliance, Reuters reported.

Barry left the bank in June after an inquiry into his behavior. McDermott will continue to serve as head of corporate affairs, brand and marketing, according to the newswire.

She joined the London-based, emerging markets-focused lender in early 2017 after leaving the U.K. Financial Conduct Authority, where she had served as direct of supervision and authorizations and director of enforcement and financial crime. She later served as interim CEO of the regulator, but was passed over for the permanent role.

Her appointment comes after Standard Chartered said July 27 that it further extended its deferred prosecution agreements with the U.S. Department of Justice and New York County District Attorney's Office through the end of 2018, noting that despite "significant progress," it had "not yet reached the standard" required by the agreement. The agreements were first entered into in late 2012 before being extended in 2014 and again in 2017.

In addition, John Cusack will step down as global head of financial crime at the bank at the start of 2019, moving into a part-time consultancy role, a source familiar with the matter told the newswire. The source added that Cusack's departure was not related to the deferred prosecution extension.