They searched far. They searched wide. They considered more than 50 candidates. But in the end, Standard Chartered’s directors chose as chairman a man with no direct commercial banking experience.

The demand for untainted banking talent is intense – just look at the running competition for the services of Citigroup’s Sir Win Bischoff as a chairman. John Peace – who spent most of his career at GUS, the retail and credit services group, then at spin-offs Burberry and Experian – will have able support from experienced Standard Chartered directors. He has served on the board’s audit and risk committee. But he still has a lot to prove.