* Wholesale head Rees top earner, pay up 6 pct on year
* CEO Sands gets $7.8 mln, up 12 pct on 2009
* Top earner below board gets $11.9 mln
By Steve Slater
LONDON, March 25 Asia-focused bank Standard
Chartered Plc (STAN.L) paid the head of its investment bank more
than $14 million for 2010, while one banker below board level
received almost $12 million, its annual report showed on Friday.
Mike Rees, head of Standard Chartered's wholesale bank
business, earned $14.1 million last year, up 6 percent from
2009, when he was also the top paid executive.
It makes Rees one of the world's top paid bankers, at a time
of fierce criticism of generous remumeration in the industry so
soon after the financial crisis. Standard Chartered did not take
any taxpayer bailout cash, however, and last year reported an
eighth successive record annual profit. [ID:nSGE72200B]
New rules require more of a banker's bonus package to be
deferred and paid in shares. Rees's 2010 award included a base
pay of $926,000, a bonus of $11 million and up to $2.1 million
in shares depending on performance in the next three years.
Sixty percent of the bonus is in deferred shares that can be
clawed back, with 20 percent in cash now and 20 percent in
Chief Executive Peter Sands was paid $7.8 million for 2010,
up from $6.9 million in 2009, when he gave much of his award to
Standard Chartered's best-paid employee below board level
was paid $11.9 million for 2010, almost all in bonus, according
to disclosures made by the bank for the first time under new
rules. Four other bankers were paid between $7.1 million and
$8.3 million each. All five were based outside Britain.
Profits at the London-based bank, which generates more than
four-fifths of its profit in Asia and other emerging markets,
rose 19 percent last year to $6.1 billion. Growth has largely
been due to the wholesale business, which includes investment
banking and trade finance operations.
Costs have been rising faster than income, however, and
staff costs jumped 17 percent last year as Sands said the bank
faces a battle to attract and retain staff in its hot Asian
markets from local and international rivals.
Its shares rose 14 percent last year, outperforming a 12
percent fall by the STOXX Europe 600 banking index .SX7P.
(Editing by Will Waterman and David Holmes)