Standard Chartered pays 118 bankers at least $1.4m

Pile Of Coins

Asia-focused bank Standard Chartered paid 118 of its bankers at least $1.4m last year, topped by a $9.5m payout to Mike Rees, head of its wholesale or investment banking division.

Reuters reports that Rees is often the biggest earner at Standard Chartered and his pay last year was down 35% from 2012 as profits at the bank fell, according to the bank's annual report released on Friday.

Standard Chartered said Rees, who has been promoted to deputy chief executive, could be paid $11.4m this year. That is 47% down from a maximum payout he could have received in 2013 of $21.4m.

The bank has adjusted its pay structure to meet EU rules that will this year cap bonuses at 200% of base salary, in a move aimed at limiting hefty bonuses, which were blamed for encouraging the risk-taking that contributed to the 2008/09 financial crisis.

To access the complete Reuters article hit the link below:

StanChart pays 118 staff $1.4 million or more, top earner Rees lands $9.5 million

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