Standard Chartered CEO’s Pay Drops by 29% Amid 2020 Profit Miss

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Standard Chartered Plc’s Chief Executive Officer Bill Winters total paycheck dropped 29% in 2020 as the bank missed profit estimates and warned that it faces restructuring charges.

Winters’ total renumeration dropped to 3.8 million pounds ($5.4 million), down from 5.4 million pounds in 2019, according to the annual report. Chief Financial Officer Andy Halford’s paycheck fell by 27%. Both said in April that they would waive any cash portion of their 2020 bonus.

Standard Chartered CEO’s Pay Drops by 29% Amid 2020 Profit Miss

“The annual incentives for Bill and Andy are directly linked to the group scorecard outcome with potential to adjust upwards or downwards based on personal performance,” the annual report said.

Banks have trimmed CEO compensation this year as the pandemic ravaged the economy. Barclays Plc‘s Jes Staley saw his pay drop by about a third, while Citigroup Inc.’s Michael Corbat dropped by 21%.

Standard Chartered’s bonus pool dropped by 23% in 2020 from the previous year. In allocating bonuses, the focus was mainly on the group’s performance but a “notable exception” was within the corporate & institutional banking business, where discretionary incentives “were differentiated” in order to reward colleagues for the strong performance in 2020,” the annual report said.

©2021 Bloomberg L.P.

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