Standard Chartered to shrink bonus pool by 9%: Sky News

A woman walking past a Standard Chartered bank in London on Oct 13, 2010. Standard Chartered will reportedly shrink its bonus pool for 2014 by about 9 per cent to around £715 million (S$1.5 billion). -- PHOTO: REUTERS 
A woman walking past a Standard Chartered bank in London on Oct 13, 2010. Standard Chartered will reportedly shrink its bonus pool for 2014 by about 9 per cent to around £715 million (S$1.5 billion). -- PHOTO: REUTERS 

LONDON (Reuters) - Standard Chartered bank will shrink its bonus pool for 2014 by about 9 per cent to around £715 million (S$1.5 billion), Sky News reported late on Monday, citing a person familiar with the matter.

Sky News said the bonus pool threatens to reignite debate over banking industry bonuses because the decrease is less than the 20 per cent drop in pretax profit analysts' forecast for the Asia-focused bank.

The bank's outgoing CEO Peter Sands cut bonuses by 15 per cent last year after profits had fallen by 11 per cent, Sky News said.

Standard Chartered bank declined to comment.