Standard Chartered CEO Enjoys Substantial Pay Increase Amid London Calls for Higher Compensation

February 23, 2024

The head of Standard Chartered experienced a substantial increase in his earnings last year, with his total compensation reaching £7.8m.

Bill Winters, the CEO of the London-listed bank, witnessed a 22% rise in his pay compared to the £6.4m he received in 2022, as indicated by the bank’s recently released annual report.

This payment marks Winters’ highest since he assumed his role in 2015 when his total remuneration amounted to £8.4m. The salary hike will likely intensify discussions on executive pay in London, especially amid calls from ministers and London Stock Exchange leaders for improved executive compensation.

Last May, Julia Hoggett, Chief of the London Stock Exchange, advocated for a “constructive discussion” on executive pay to align the UK more closely with US salary structures. This week, it was disclosed that the LSEG’s parent company contemplated a substantial pay increase for its CEO, David Schwimmer.

Similarly, HSBC Holdings, a competitor of Standard Chartered, revealed that CEO Noel Quinn’s total compensation nearly doubled to £10.6m in 2023. However, bonuses across the banking sector have been curtailed due to declining deals and widespread cost-cutting. Standard Chartered’s overall bonus pool decreased by one per cent to $1.57bn in 2023, while global salaries increased by an average of 2.2% in 2024, lower than the previous year.

Despite the challenges, shares in the bank have struggled during Winters’ leadership, trading well below their value when he assumed the helm in 2015. Winters acknowledged the stock price challenges but expressed optimism about addressing shareholder concerns and the bank’s ability to deliver on its plan during a recent call.