Standard Chartered execs receive less pay for poor performance

Oliver Twist

Standard Chartered paid top managers $36.6m in 2014, a 23% decline, after executive directors relinquished bonuses because of the U.K. bank’s poor performance.

Bloomberg News reports that deputy chief executive officer and architect of Standard Chartered’s investment and corporate bank Mike Rees was the highest earner on the board with compensation of $6.95m, followed by CEO Peter Sands at $5.1m, down from $6.8m in 2013, according to the bank’s annual report published Monday. Senior managers received $47.7m in 2013.

Sands and Chairman John Peace are leaving the bank after they failed to reverse a stock price decline over the past two years and a drop in earnings that ended a decade of growth. Last month the company said Bill Winters, a former co-CEO of JPMorgan’s investment bank, will take over in June.

To access the complete Bloomberg News article hit the link below:

Standard Chartered Senior Managers Earn $37 Million in 2014

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