13 March 2013 06:45

StanChart CEO: No Plans to Move Headquarters Away From London

Business_L

By Fiona Law

HONG KONG-- Standard Chartered PLC (STAN.LN) has no plans to move its headquarters away from London despite concerns over the bonus cap in Europe, its Chief Executive Officer Peter Sands said Wednesday.

The management is concerned over the bonus cap's impact on the bank's ability to recruit and retain talents, Mr. Sands said, though he added Standard Chartered is committed to maintaining its competitiveness in recruiting talents.

However, Standard Chartered has no plans to move away from the U.K. "We have obligations to review the trade-offs of maintaining our domicile in the U.K.," Mr. Sands said, and "we keep reviewing, but our reference [is] to remain in the U.K."

Open Equity Research for Standard Chartered here.

He said the U.K. remains a leading international financial center in the world.

Early this month, finance chiefs from the European Union made it clear they will back a preliminary deal to impose strict caps on banker's bonuses, preventing banks from promising bonuses that exceed an employee's fixed salary. Bonuses could rise to twice a banker's fixed salary, but only with explicit shareholder approval.

 

Write to Fiona Law at fiona.law@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

March 12, 2013 23:58 ET (03:58 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

 

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