Standard Chartered Peter Sands takes pay cut after profit fall


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The Independent Online

Standard Chartered Peter Sands had his total pay package slashed by 38 per cent to $6.8 million (£4.1 million) last year after the lender posted its first fall in profits for a decade.

Mike Rees, head of investment banking, had his package cut from $14.7 million to $9.5 million — a 35 per cent reduction.

Departing finance director Richard Meddings’s total package was reduced by a third to $4.8 million.

HSBC also revealed that 118 people were paid over €1 million (£82,600) last year and that the 10 highest-paid bankers below board level shared $47.5 million.