Standard Chartered’s Michael Rees Paid as Much as $13.4 Million

Standard Chartered Plc’s Mike Rees, head of corporate banking, may be paid as much as $13.4 million for 2011, the highest-compensated director on the board.

The total includes $1.12 million in salary and deferred shares of $6 million, the London-based company said in its annual report published today. The package amounts to a 5 percent drop from his $14.1 million package for 2010.

Rees’s division contributes about three-quarters of the lender’s profit and includes investment banking activities such as equities, and mergers and advisory services. His variable pay dropped as profit growth for his division “was not as strong as 2010,” the bank said.

Standard Chartered, the U.K.’s second-largest bank by market value, said it plans to hire as many as 2,600 employees after posting its eighth straight year of record earnings on growth in corporate and consumer lending. Net income rose to $4.85 billion in 2011 from $4.33 billion a year earlier, the bank said on Feb. 29.

Chief Executive Officer Peter Sands may receive total pay of as much as $8.1 million, up 3.5 percent from 2010, the bank said. The bank’s five highest-paid employees got $42.1 million for 2011, the company said.

-- Editors: Jon Menon, Stephen Taylor

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