Standard Chartered may claw back bonuses from up to 150 senior staff after reporting its first annual loss since 1989; CEO Peter Sands' added that the executive directors would not be penalised as they have already had their bonuses withdrawn for this year. He also revealed that reviews into whether individuals breach compliance or risk-related rules that led to the bank's underperformance could lead to further clawbacks of bonuses paid out in the past. The surprise annual loss shows the scale of the task facing Mr Winters as he tries to restore revenue growth and repair the bank's balance sheet riddled with bad loans made under previous CEO Bill Winters expansion-oriented strategy.
Standard Chartered may claw back bonuses from up to 150 senior staff after reporting its first annual loss since 1989; CEO Bill Winters added that the executive directors would not be penalised as they have already had their bonuses withdrawn for this year. He also revealed that reviews into whether individuals breach compliance or risk-related rules that led to the bank's underperformance could lead to further clawbacks of bonuses paid out in the past. The surprise annual loss shows the scale of the task facing Mr Winters as he tries to restore revenue growth and repair the bank's balance sheet riddled with bad loans made under previous CEO Peter Sands' expansion-oriented strategy.