Standard Chartered to cut bonus pool

Emerging markets bank Standard Chartered is expected to cut its bonus pool and top bosses’ payout by a greater margin than its fall in profits.

Standard Chartered will today reveal it is to pay $1.2bn (£720m) in bonuses for 2013, a fall from $1.4bn (£840m) in the prior year, Sky News reported.

It is understood the percentage fall in bonuses will be greater than the bank’s decline in profits for the year as Standard Chartered looks to avoid a row with investors similar to that at Barclays.

Standard Chartered chief executive Peter Sands is expected to receive just over £1m, down from £2m in 2012, a reduction which is at a greater margin than the remainder of the bonus cuts.

Barclays stoked the ire of City investors last month after increasing its bonus pool for 2013 to £2.4bn despite a fall in profits.

Standard Chartered is expected to end a 10-year run of record profits today. City analysts expect it to report a 6% fall in earnings to just over $7bn (£4.2bn).