BUSINESS LIVE: Bumper bonuses at StanChart; Nestle cautious on outlook

BUSINESS LIVE: Standard Chartered hands out bumper bonuses; Nestle cautious on inflation; Apple’s Tim Cook faces shareholder revolt

Standard Chartered boosted its staff bonus pool by 38 per cent to $1.4billion in 2021, even amid the bank’s ongoing cost-cutting efforts.

London-headquartered StanChart said the payout hike reflected a normalisation of bonuses after a lean 2020, but it also reflected a hot hiring market as lenders worldwide pay up to retain key staff.

Nestle has posted ‘cautious’ guidance for its financial performance in 2022, with the food giant highlighting uncertainties around rising costs.

Reporting better-than-expected results for 2021, CEO Mark Schneider said Nestle has a ‘certain element of caution for our guidance for 2022 given the inflationary environment’ but the firm did not offer a precise outlook for inflation this year, saying it was more important to stay flexible

Apple boss Tim Cook is facing a shareholder revolt over his £73m pay packet. The chief executive, one of Silicon Valley’s leading equality campaigners, has been blasted for the huge sum he was awarded last year.

It was Cook’s first stock award since 2011 and his overall package comprised £60m in shares, a £9m cash bonus, £2m in salary as well as personal security and private jet usage.

>If you are using our app or a third-party site click here to read Business Live 

StanChart said it will increase salaries across the bank by 4.8% in 2022, in common with other lenders under pressure to hike pay as rising inflation worldwide hits real incomes.