Standard Chartered CEO cuts salary by 40% as UK lifts banker bonus cap
ft.com —
Standard Chartered CEO Bill Winters announced a 40% cut to his basic salary, shifting focus to performance-related bonuses after the UK abolished a cap on banker bonuses. He stated that the previous cap led to excessive fixed pay. Winters' total potential earnings could reach £13.1 million this year, more than double his 2022 earnings, due to an incentive plan. The bank's CFO will also see a significant pay cut, with a total package of up to £7.7 million. The bank reported a 30% drop in pre-tax profits for the last quarter of 2024, missing analyst expectations. Despite this, full-year profits rose 19% to $6 billion, and the bank plans a $1.5 billion share buyback.