After a substantial profit increase the executive directors of Close Brothers were rewarded with $10 million in bonuses last year.
Close Brothers, London’s largest independent merchant bank, recorded a $385 million increase in profits, a rise of 21 percent. According to City AM, the record profits were due to increases in private equity and asset management.
Chief executive Colin Keogh picked up cash and deferred bonuses worth $3.4 million making his pay packet worth $5.2 million. All five of the executive directors make more than $2 million each in bonuses. Stephen Hodges and Peter Winkworth, the managing directors, earned bonuses of $2.7 million and Michael Hines, head of securities made $2.2 million.
However, Winkworth left Close Brothers after 30 years with the bank last month as the bank made the choice to close its mortgage lending operations because it offered “uneconomic returns” according to the annual report.