Standard Chartered CEO criticizes EU cap on banker bonuses as pay rises to £10.7 million

Bill Winters, CEO of Standard Chartered, received £10.7 million in 2024, a 46% increase from the previous year. This included £7.6 million in bonuses and share awards. He criticized the now-removed EU cap on banker bonuses for leading to high fixed pay. Despite a 40% cut to his base salary, Winters could earn up to £13.1 million this year if he meets targets. He argued that the cap incentivized poor performance by encouraging managers to stay in their roles without striving for better results. Standard Chartered reported a pre-tax profit of £4.8 billion for 2024, an 18% rise from the prior year. The bank also announced a £1.2 billion share buyback, contributing to a 3.8% increase in its share price.