StanChart announces $1.1 billion payout as bonuses

StanChart announces $1.1 billion payout as bonusesWhile many major players in the banking industry have been shying away from the term - Bonus, Standard Chartered has declared that the bank will provide $1.1 billion in bonuses to employees making an attempt to retain talent.

The banking major has posted a record pre-tax profit of $5.15 billion, ahead of an average forecast of $5.1 billion.

While many of its London-based rivals are running away from bonuses, the banking giant's move of providing such whopping bonuses to employees are expected to benefit the bank in the long-run.

Notably, most of the growth that the bank has achieved has been fuelled by the success from the emerging markets. The bank has registered more than $1 billion profit from the Indian market alone last year and hence the plans to list the Indian arm looks more an optimal decision for the company.

Experts believe that the India listing of the bank will give the much-desired boost to branding and awareness, which will help this banking giant to grow in the country. While the CEO Peter Sands has announced that he will be donating his entire $ 3.2 million bonus to charity, the other employees may have been drawing their plans to spend their respective bonuses.