Standard Chartered's attempts to claw back bonuses may be difficult

Bonus test case ?

Standard Chartered's landmark attempt to claw back bonuses paid to staff deemed responsible for its current woes could be fraught with practical and legal difficulties, lawyers and investors said.

Reuters reports that CEO Bill Winters said on Tuesday the bank could recover the bonuses of up to 150 senior staff, if they are found culpable of breaching internal rules during a freewheeling lending era under his predecessor Peter Sands, who left last June.

The attempted clawbacks could represent a test case as to the enforceability of tough new rules put in place by Britain last year, as a response to the financial crisis, allowing banks to seek recovery of bonuses from bankers deemed to have acted irresponsibly up to 10 years after they are paid out.

To access the complete Reuters article hit the link below:

StanChart's landmark bid to claw back bonuses faces legal quagmire

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