Standard Chartered slashes top bosses’ payout and bonus pool
STANDARD Chartered is set to announce today that it has cut its bonus fund from £840m to £720m this year and slashed a payout to top bosses at the bank.
Chief executive Peter Sands and chairman of the bank Sir John Peace are keen to avoid negative publicity around bonus payouts, as other banks including Barclays have recently experienced.
The cut in bonuses is expected to be greater than the losses suffered by the bank, Sky News’ Mark Kleinman reported last night. The move suggests the bank is keen to manage coverage of such payouts and avoid upsetting investors.
Chief executive Sands is likely to see his £2m payout for 2012 slashed in half for 2013, according to reports last night.
The emerging markets bank is widely expected to report a six per cent loss in earnings in its annual results today, according to city analysts.
It is also expected to address concerns about its capital position and a possible rights issue in an announcement today.