An Indian origin banker at the Standard Chartered was paid pounds 16 million making him to be the best paid bank employee in any of the British bank.
Mr. Karam Butalia, the bank’s former global head of private equity which is based in Singapore received the payment on leaving the bank. He received more than four times than what Standard Chartered chief executive, Mr. Peters Sands, who was paid pounds 4.1 million last year. Mr. Peter Sands had also earned more than any other of the bank bosses in 2008.
The huge amount was handed over to Mr. Butalia as his contract he had signed with the Standard Chartered included a “profit- sharing agreement.” He had worked with the bank for 6 years and holds an MBA from Hull University. The amount covered all the money that was accrued to him in “a string of lucrative private-equity deals” over the years and for his salary for the year 2008.
Mr. Butalia was one of the highly paid bankers in the world last year according to reports appearing in Sunday Telegraph. He was ahead of other bankers such as Mr. Tom Cole of HSBC in New York who was earning about 13.7 million pound.
Mr. Butalia bought stakes in the largest construction company in China, in an Indian engineering firm, in the largest pen manufacturer in China and in a South Korean life assurer. He also happened to engineer a series of joint venture deals with Temasek, a government backed investment fund in Singapore.