Standard Chartered Plc named Mike Rees deputy to Chief Executive Officer Peter Sands as the U.K. bank struggling with writedowns in South Korea combines its corporate and consumer-banking units to cut costs.
Mike Rees, head of Standard Chartered Plc’s investment bank, was paid 10 million pounds ($16 million) in salary and bonus after profit at his wholesale banking division reached a record last year, the Sunday Times reported.
Australia & New Zealand Banking Group Ltd., the country’s most Asia-focused lender, could explore an acquisition of Standard Chartered Plc, although a combination is unlikely, Citigroup Inc. analysts said.
Standard Chartered Plc investors should vote against the bank’s executive pay report because it doesn’t disclose long-term bonus targets and Chairman John Peace helps set compensation, according to corporate governance adviser Pensions Investment Research Consultants Ltd.
The threat by a New York regulator to suspend Standard Chartered Plc’s banking license is stoking investor and analyst concern the business model that produced eight straight years of record profit is in jeopardy.
Standard Chartered Plc conducted $250 billion of transactions with Iranian banks over seven years in violation of federal money laundering laws, a New York regulator said in an order warning that the firm’s U.S. unit may be suspended from doing business in the state.