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.
Barclays Plc , Standard Chartered Plc and HSBC Holdings Plc , three of Britain’s biggest lenders, are toning down threats they made last year to leave London as pressure to break up commercial and investment banking eases.
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.
Standard Chartered Plc’s operating profit from its corporate bank may climb to about $10 billion by 2016 as the lender expands in emerging markets, Mike Rees, head of the division, told investors today.
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.