THE head of Standard Chartered’s investment bank is set to be anointed as one of Britain’s best-paid bankers this week, with a salary and bonus package of about £10m.
Mike Rees, a 22-year veteran of Britain’s second-biggest lender by stock market value, is reaping the rewards of explosive profit growth in Africa, the Middle East and Asia.
In 2010, Rees, 56, received about $14m (£8.8m) in pay, bonuses and shares linked to Standard’s long-term performance. His haul is set to rocket higher still after profits at his wholesale division hit a record in 2011.
The payout, set to be confirmed in the group’s annual report on Friday, underlines the growing importance of Rees’s division to Standard.
The wholesale bank provides investment advice and loans to