Standard Chartered faces bonus wrath

Standard Chartered would risk a staff exodus if it cut bonuses, chairman John Peace said yesterday, responding to investor anger over high pay when the bank’s shares have tumbled and there will be no final dividend for 2015.

At the bank’s annual shareholder meeting, Mr Peace was asked by one shareholder why Standard Chartered’s overall incentive pool had only been trimmed by a fifth in 2015 while dividend payouts fell 83% and the bank reported a loss.

“All I can say is if we were not to pay a bonus pool to junior staff and to managers who are highly marketable, we would not have a company,” he said.