March 28, 2014 / 10:02 AM / 4 years ago

StanChart paid wholesale boss Rees $9.5 mln in 2013

LONDON, March 28 (Reuters) - 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 million).

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 payments. ($1 = 0.7278 Euros) (Reporting by Steve Slater; Editing by Huw Jones)

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