Standard Chartered CEO Bill Winters says bonus cap led to ‘grotesque’ banker pay rises

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Standard Chartered Chief Executive Bill Winters said an EU cap created bad enthusiasm in the bonus of the banker, because the London-based NDDer used the UK’s abolition to reduce his salary to increase his possible bonus by 40 percent.

“Its impact [bonus cap] In a call to journalists on Friday, he said that everyone had a huge increase in fixed salary. “I say curiosity because it was exactly wrong enthusiasm. The The Clip coupons and don’t work very well. “

Winters, the longest serving CEO of a UK bank so far, will earn $ 1.5 million this year, if he wants to meet all the targets, more than twice the amount he earns in 2022, but his initial salary will be reduced. Winters joked in the call, “I have to explain my mother why my salary is half cut off.”

“My inspiration in Standard Chartered was never about pay,” he said. Instead, he said it was about to be a “part of a great franchise”.

Winters’ 2024 pay package was about 50 percent higher than the previous year because of paying a encouraging plan.

Chief Financial Officer Diego de Georgie’s salary will be deducted 5 percent under the new model, if the target is met, its total package is up to $ 7.7 million. He made $ 2.8 million in 2024.

Stanchart On Friday, the overhall, along with the annual results, said that “the most significant changes for many years” the way the top workers are being paid.

Contains Berkless and HSBC Take similar action To reduce fixed pay for senior executives and increase performance bonus.

The UK has announced plans to cancel the cap in 2021, part of the post-Brexit plan to expand the city of London. The EU cap was launched to try to take risks in terms of the financial crisis of 20.

Stanchart’s pre-tax profit has decreased by 30 percent in the final three months of last year, even its resources and market businesses have earned higher income.

The bank said the statutory pre-tax profit of $ 800MN in the fourth quarter said that $ 1.1bn was reduced to $ 1.1bn a year ago and analysts estimate $ 983MN. It was $ 1 billion to consider the underlying pre-tax profit, restructuring and other expenditures in line with analysts’ assumptions.

The Winters say that the result of the whole year, where the pre-tax profit increased to 19 percent to $ $ billion, “strong”.

“Our strategy. The The All the cylinders are firing, “said Winters, running a bank for 25 years. Stanchart said in October it would be Double investment Its resource management business and its focus moved from small domestic clients to worldwide organizations.

The bank has announced a $ 1.5bn share byback and says it has planned to pay for shareholders at least 8 billion dollars from 2024 to 2026.

Net interest income for the year was $ 10.4 billion, the bank’s target is to lose the target of $ 10.25BN, even the growing rate of growing rates have ended.

Stanchart took $ 441 million dollars for the year, with a cost of $ 156 million for affordable programs, known as “fit for growth”. The bank said last year that they planned to save about $ 1.5 billion during the three -year period.

Its resources business, the main focus for the bank, the income for this quarter has increased by 5 per cent, while on the other hand, those who have jumped from trade in its market unit have increased by 47 percent.

A measure of profit earning, the underlying return of the bank on the clear equity was 11.7 percent for the year, which was more than 10.1 percent a year ago. It has increased its 2026 target from 12 percent to “reach 13 percent”.

Stanchart’s shares are now outdated when they were in the winter when they were in the winter, they grew more than 5 percent from the level they had. Have mourned for their “bad” price A year ago.

However, the stock still does business at the expense of bank wealth book. Friday’s Hong Kong-Lalika shares increased by 1 percent on Friday before the shares of Hong Kong-List.

This month, its name is Maria Ramos, a member of the current Stanchart Board and former CEO of the South African bank Absar, as its next chair.

In 2019, the Winters attacked the “immature” investors who made a protest about his salary.