Standard Chartered cuts bosses’ pay after profits fall

Peter Sands, chief executive of emerging markets bank Standard Chartered, had his total pay package slashed by 38% to $6.8 million (£4.1 million) last year after the lender saw its first fall in profits for a decade.

Mike Rees, head of investment banking, had his package cut from $14.7 million to $9.5 million — a 35% reduction. Departing finance director Richard Meddings’s total package was reduced by a third to $4.8 million.

HSBC also revealed that 118 people were paid over €1 million (£82,600) last year and that the 10 highest-paid bankers below board level shared $47.5 million.