Standard Chartered CEO has 8.4m incentives to fix bank

Standard Chartered arranged an $8.4m incentive for Chief Executive Officer Bill Winters to turn the bank around after scrapping annual bonuses for all senior managers.

Bloomberg News reports that Winters, 54, didn’t get a bonus for 2015 on top of his $2.4m salary and fixed pay allowances, the bank said in its annual report on Tuesday. The CEO and Chief Financial Officer Andy Halford instead received so-called long-term incentive plans for their performance between 2016 and 2018, linked to the strategic plan they laid out in November to cut risk, boost capital and profitability.

Standard Chartered cut the aggregate bonus pool for all staff by 22% to $855m. It reported its first full-year loss since 1989 as revenue slumped, while loan impairments almost doubled to the highest in the bank’s history. While Winters and Halford had their bonuses withdrawn, former CEO Peter Sands also had his annual incentive for 2015 scrapped.

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

Bill Winters Gets $8.4 Million Motive to Fix Standard Chartered

Standard Chartered Drops After First Annual Loss Since 1989

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