Standard Chartered CEO gets 22% pay rise amid profit increase

Standard Chartered CEO gets 22% pay rise amid profit increase

The London-based bank, which operates mainly in Asia, Africa and the Middle East, said it benefited from higher interest rates, which boosted its income from lending and borrowing. It also said it was on track to achieve its financial targets and announced a final dividend and a $1bn share buyback.

The bank’s performance was partly offset by the impact of China’s property crisis, which led to a potential loss of up to £1bn on its commercial real estate portfolio in the country. It also took a hit on the value of its stake in China Bohai Bank, which has been exposed to bad debts.

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Winters, who has been leading the bank since 2015, received his largest pay package since his first year, when he got £8.4m. His pay rise was higher than the 1% increase in the bank’s bonus pool, which amounted to £1.6m.

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Winters, who has been leading the bank since 2015, received his largest pay package since his first year, when he got £8.4m. His pay rise was higher than the 1% increase in the bank’s bonus pool, which amounted to £1.6m.

The bank’s chairman, José Viñals, said Winters’ pay reflected his “outstanding leadership” and the bank’s “strong results”. He also said the bank was well positioned to “deliver sustainably higher returns” in the future.

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Source : THE GUARDIAN

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