Standard Chartered share price: Bank reveals 2013 staff pay

on Mar 28, 2014
Updated: Apr 9, 2020
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iNVEZZ.com Friday, March 28: Standard Chartered (LON:STAN) paid 118 of its bankers at least $1.4 million (₤843 million) last year, according to the bank’s annual report released today. Mike Rees, head of the investment banking division, was the biggest earner at the emerging markets-focused bank with a $9.5 million (₤5.7 million) payout, 35 percent lower than in the prior year due to the drop in profits (Standard Chartered share price: Lender Posts first profit decline in a decade).

Standard Chartered has adjusted its remuneration structure to meet European Union rules that cap bonuses at 200 percent of base salary subject to shareholders approval. As a response the bank has increased its base pay and introduced “allowances” that increase the fixed pay element and reduce performance-based bonus payments. Chief executive Peter Sands could receive a maximum of $12.4 million this year (₤7.46 million), down from a maximum of $14.5 million (₤8.7 million) under the old pay structure. He was awarded $6.8 million (₤4.09 million) last year.

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Sands’ base salary has been lifted to $1.86 million (₤1.12 million) from $1.68 million (₤1.01 million) and he will receive an allowance of $1.1 million (₤662,000). Rees’ base pay will rise to $1.62 million (₤975,000) and his allowance will be $1 million (₤601,000). “The (EU bonus cap) proposal inevitably, and regrettably, resulted in an increase in fixed pay,” Standard Chartered said in the annual report.

**Standard Chartered FX trader resigns**
Matt Gardiner, a senior forex trader, has resigned from Standard Chartered, according to an unnamed source quoted by Reuters. Gardiner started working at the bank last September but was put on leave just a month later as regulators launched an investigation into allegations of global currency market rigging.

The UK Financial Conduct Authority (FCA) and the US Department of Justice (DOJ), as well as regulators from Switzerland and Germany are all looking into allegations of collusion between senior traders at big banks to rig the benchmark currency rates.
**Analysts on Standard Chartered**

Barclays reaffirmed its ‘equal weight’ rating on Standard Chartered’s shares in an investor note sent today. It gave the stock a price target of 1,300.00p.
Seven equity analysts rate Standard Chartered as a ‘sell’, 14 give it a ‘hold’ rating and 13 are calling it a ‘buy’. The shares have a consensus rating of ‘hold’ and an average price target of 1,475.30p.
**As of 14.30 UTC buy Standard Chartered shares at 1,256.10p.**
**As of 14.30 UTC sell Standard Chartered shares at 1,255.90p.**

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