Standard Chartered bonus pot said down

Money On Hook

But still likely to provoke a row.

Standard Chartered will risk reigniting a row over City bonuses this week when it reveals that it is cutting bonuses by a smaller percentage than its decline in profits.

Sky News understands that the bank, which announced a boardroom clearout last week, will say on Wednesday that it is shrinking its bonus pool by approximately 9% from last year's $1.208bn (£786m), according to insiders.

That would mean Standard Chartered's bonus pool for 2014 will be in the region of £715m ($1.1bn), they said.

However, the consensus among City analysts is for annual pre-tax profits to have slumped by as much as 20%, which one source acknowledged would leave Standard Chartered exposed to criticism that it is rewarding 'payment for failure'.

A person close to the company pointed out that Peter Sands, the bank's chief executive, had last year cut bonuses by 15% while profits had fallen by 11%.

To access the complete Sky News article hit the link below

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