By Agency Reporter

Friday, 26 Nov 2010

Standard Chartered Plc, the United Kingdom-based bank that makes more than three-quarters of its profit in Asia, said it would not join any pact to restrain bonuses for 2010.

”We can confirm we are not part of any pact. It will be unfair to the vast majority of our staff to curtail compensation arrangements,” said London-based spokesman, Jon Tracey in a telephone interview on Thursday. About 97 per cent of the bank‘s 85,000 employees work outside the UK, he added.

Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Standard Chartered Plc are in talks about a possible pact to cut bonus payments and increase lending to small businesses, the London Times reported on Thursday without attribution.

The banks aim to issue a joint statement signed by their chief executive officers before Christmas, the newspaper said.

Officials at RBS and Barclays declined to comment. A spokesperson for HSBC was not immediately available to comment, Bloomberg said.

Talks between the banks have been taking place, said two people with knowledge of the situation, who declined to be identified because the discussions are confidential.

Source: Punch