Peter Sands gets $3.15m as Standard Chartered bosses’ bonuses are hit after US fine for breaching Iran sanctions
Tuesday 05 March 2013
Top brass at Standard Chartered have had their bonuses cut by 10% despite the bank recording its 10th successive year of record profits after it was fined $667 million (£443 million) last year for breaching United States sanctions against Iran.
Chief executive Peter Sands’ annual bonus has been cut from $3.5 million to $3.15 million and finance director Richard Meddings’ from $2.4 million to $2.16 million.
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%. That affected hundreds of people.”
He also said the number of people paid more than £1 million by the bank last year had dropped from 56 to 47.
But shares in Standard Chartered, which sponsors Liverpool FC, shot up 49p to a three-year high of 1829p 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% to $6.87 billion but that is after the US fines. Underlying growth was still 9% 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% to 84 cents a share —payout total of $2 billion is higher than its bonus pool of $1.4 billion.
Sands said the new year had started well with “good momentum in January continuing in February”.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 The confessions of men who ordered mail-order brides
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 4 Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
Nepal earthquake video: Terrifying footage shows moment avalanche hit Everest Base Camp
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...