Bank chiefs promise to hand bonuses to charity

Peter Sands, the chief executive of Standard Chartered Bank, has decided to hand his annual bonus to charity. Sands, who is a key architect of the Government’s rescue package for Royal Bank of Scotland and Lloyds Banking Group, is understood to have decided that it would be the right thing to do in view of public feeling in Britain towards bankers’ bonuses.

His decision comes after a similar move by Michael Geoghegan, chief executive of HSBC, who has decided to give his £4 million payout to charity. It is not known which charities will benefit, but it is expected that they will include good causes in Africa and Asia — where most of Standard Chartered’s operations are based. Other breathtakingly generous financiers include:

Sir Tom Hunter, the Scottish retail entrepreneur, pledged to give his £1 billion fortune to good causes in 2007, although the ravages of the recession have eaten into it.

Christopher Hohn, the hedge fund manager behind The Children’s Investment Fund, has with his wife Jamie Cooper-Hohn donated £800 million to charity , including projects in Africa.

Lord Sainsbury of Turville, the former minister and supermarkets boss, has donated £234 million to good causes in science, medicine and mental health.

Peter Cruddas, the millionaire behind the City trading house CMC Markets, has given about £100 million to youth-based charities.

David and Heather Stevens, the founders of the Admiral insurance company, have given donations of at least £100 million.

Arpad Busson, the hedge fund manager, has helped to raise £27 million for good causes through his Absolute Return for Kids fund and its gala dinner.

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