Standard Chartered CEO Cuts Bonuses, Reassures on Capital
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Standard Chartered Plc Chief Executive Officer Peter Sands cut bonuses and indicated that capital levels can weather writedowns after the bank’s first annual profit drop in a decade.
The lender, which makes three-quarters of its earnings in Asia, said today that pretax profit declined 12 percent to $6.06 billion for 2013, including a previously announced $1 billion writedown of its Korean unit. The London-based bank raised its dividend 2 percent to 86 cents a share.