Standard Chartered boss cuts senior staff bonuses after profit plunge

Bill Winters, Standard Chartered CEO, has said the company will not only cut bonuses for senior staff this year, but also look at clawing back previous bonuses.

The bank posted its first annual loss - £1.1billion - in over 25 years. Last year they made a £3billion profit. Winters said: “It rips at our soul every time we look at these numbers and we don't ever want to have to stand up and tell this story again.”

Winters told a conference call yesterday that “[the bank's] executive directors have already paid a price for our underperformance.”

He went on to state that reviews would decide if compliance or risk-related rules were breached as a potential cause of the banks underperformance.