Arab Today, arab today standard chartered\s top executives share 92m
Last Updated : GMT 04:23:32
Arab Today, arab today
Arab Today, arab today

Standard Chartered\'s top executives share $92m

Arab Today, arab today

Arab Today, arab today Standard Chartered\'s top executives share $92m

London - Arabstoday

Mr Rees emerged as the Asia-focused bank’s top paid manager, receiving annual cash and share bonuses worth $10m, a further $2.2m in long-term performance awards on top of his $1.1m salary. Peter Sands, chief executive, received a salary and bonus package worth $8m, including an annual bonus of $3.5m and long-term awards worth $2.7m. Mr Sand’s pay was less than that of the bank’s highest paid non-board level manager. The unnamed bankers received a package worth $10.2m. In total the eight unnamed managers, who are all based outside the UK, received salaries and bonuses worth $54.3m. The total paid to the bank’s five executive directors, including Mr Sands and Mr Rees, was $37.8m, up slightly from $36.9m last year. The disclosures were contained in Standard Chartered’s annual report. Last month, Standard Chartered reported its ninth successive record annual profit, with earnings increasing 11pc to $6.78bn in 2011. The new record came as profits from wholesale banking, which includes the lenders investment banking operations, exceeded $5bn for the first time. The increase was largely driven by soaring earnings from its foreign exchange, commodities, and equities businesses. Mr Sands said the performance had come in face of “very difficult conditions” and despite “significant headwinds” created by more onerous regulations imposed in the wake of the financial crisis.

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