LONDON, March 28 Asia-focused bank Standard
Chartered said it paid Mike Rees, the head of its
wholesale banking division, $9.5 million last year, the highest
paid of 118 bankers who earned at least 1 million euros ($1.4
Rees is often the biggest earner at Standard Chartered, and
his pay last year was down 35 percent from 2012 as profits at
the bank fell.
Standard Chartered said Rees, who has been promoted to
deputy chief executive, could be paid $11.4 million pounds this
year. That is 47 percent down from a maximum payout he could
have received in 2013 of $21.4 million.
The bank has adjusted its pay structure to meet EU rules
that will this year cap bonuses at 200 percent of base salary.
It has increased base salaries and introduced "allowances" that
increase the fixed pay element, and reduced potential bonus
($1 = 0.7278 Euros)
(Reporting by Steve Slater; Editing by Huw Jones)