Standard Chartered bosses' bonuses are hit
Wednesday 06 March 2013
Top brass at Standard Chartered have had their bonuses cut by 10 per cent, despite the bank recording its 10th successive year of record profits, after it was fined $667m (£443m) last year for breaching United States sanctions against Iran.
The chief executive Peter Sands' annual bonus has been cut from $3.5m to $3.15m and finance director Richard Meddings' from $2.4m to $2.16m.
Mr Meddings said: "The remuneration committee reflected on a number of things, one of which was the US settlement, and across the broader management cohort bonuses were down by around 10 per cent. That affected hundreds of people."
He also said the number of people paid more than £1m by the bank last year had dropped from 56 to 47. But shares in Standard Chartered, which sponsors Liverpool FC, shot up 57.5p to 1,837.5p as investors reflected on the fact that not only did it receive no bailout during the financial crisis but continued to increase profits throughout it.
Last year the rise was just 1 per cent to $6.87bn but that is after the US fines. Underlying growth was still 9 per cent as the bank's focus on emerging markets and trade financing continued to pay off.
The bank also makes big play of the fact that its dividend – up 10.5 per cent to 84 cents a share – payout total of $2bn is higher than its bonus pool of $1.4bn.
Mr Sands said the new year had started well with "good momentum in January continuing in February".
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