Standard Chartered rejects bonus pact

STANDARD Chartered Plc, the British-based bank that makes more than three-quarters of its profit in Asia, said it won’t join any pact to restrain bonuses for 2010.

“We can confirm we are not part of any pact,” said London-based spokesman Jon Tracey.

“It would be unfair to the vast majority of our staff to curtail compensation arrangements.”

About 97% of the bank’s 85,000 employees work outside Britain, he added.

Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Standard Chartered Plc are said to be in talks about a possible pact to cut bonus payments and increase lending to small businesses. The banks aim to issue a joint statement signed by their chief executive officers before Christmas, the newspaper said.

Officials at RBS and Barclays declined to comment. A spokesperson for HSBC wasn’t immediately available to comment.