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Employees reap a $4.9bn pay day

Steve Dinneen
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STANDARD Chartered dished out a $4.9bn compensation package for its employees as it announced record profits.

Its remuneration ratio is 32 per cent of its $15.2bn revenue – slightly down from the 34 per cent handed out the year before. It works out at $64,000 for each of its 77,000 staff. The amount given in bonuses was $1.1bn, just 22 per cent of the total remuneration package, significantly lower than some of its rivals. Its compensation to revenue ratio was above the 27 per cent announced by state-owned Royal Bank of Scotland but slightly behind Barclays which gave out 38 per cent.

Peter Sands, the bank’s chief executive, pledged to hand his £2.1m bonus to charity despite the record results. He follows the lead of Michael Geoghegan, HSBC’s chief executive, who gave his £4m bonus to charity. RBS chief executive Stephen Hester declined to take his £1.6m bonus from the state-owned bank, saying it would “deflect attention” from the good work it has done. Eric Daniels, the chief executive of Lloyds, also waived his £2.3m bonus this year, as did John Varley, the chief executive of Barclays and Bob Diamond, the bank’s president.