British lender Standard Chartered has reportedly decided to cut its bonuses by a smaller percentage than its decline in profits.
According to a Sky News report, the bank will shrink its bonus pool by approximately 9% from the previous year’s £786m putting it in the range of £715m.
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With the move, Standard Chartered will risk reigniting a row over banking industry bonuses as the decrease amounts less than the 20% drop in pretax profit analysts’ forecast for the bank.
The move will also welcome criticism for the bank’s outgoing CEO Peter Sands, who cut bonuses by 15% last year while profits had fallen by 11%, reported the bulletin.
Standard Chartered will replace Sands with the appointment of Bill Winters, a former JP Morgan executive, which was announced earlier in 2015.
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