Standard Chartered bosses waive bonuses as profits plummet

Standard Chartered's executive board have foregone their bonuses after the bank's profits plummeted by 25% in 2014.

The bank said challenging market conditions, de-risking and disposal actions were behind the dramatic fall. In a statement, the board's chairman Sir John Peace said: "In light of the disappointing performance of the group, those executive directors on the PLC Board throughout the year came to the conclusion that they should show leadership by not taking any variable compensation for 2014." Annual results revealed pre-tax profits fell to $5.2bn, and income fell by 2% to $18.2bn. Losses from bad loans rose from $1.6bn to $2.1bn. The bank had already issued several profit warnings in ...