By Fiona Law
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
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
Write to Fiona Law at email@example.com
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(END) Dow Jones Newswires
March 12, 2013 23:58 ET (03:58 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.