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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/bank-costs-hit-by-war-for-talent.jpg"><img class="alignnone size-full" title="Standard Chartered reported a hike in profits but revealed sharply higher staff costs as it fights a 'war for talent'" src="http://londonglossy.com/wp-content/uploads/2011/03/min-bank-costs-hit-by-war-for-talent.jpg" alt="Standard Chartered reported a hike in profits but revealed sharply higher staff costs as it fights a 'war for talent'"/></a></p>
<p>Asian-facing bank Standard Chartered has reported a 19% hike in annual profits, but revealed sharply higher staff costs as it fights a &#8220;war for talent&#8221; in its key Asian markets.</p>
<p>The London-based group reported pre-tax profits of £3.7 billion, up from £3.2 billion in 2009, helped by the industry-wide trend for sharply lower bad debt losses.</p>
<p>It said 2011 had got off to a record start thanks to its focus on some of the world&#8217;s fastest growing markets.</p>
<p>The group confirmed a &#8220;modest&#8221; increase in its bonus pool &#8211; to £730 million from £674 million in 2009 &#8211; after hitting another all-time high with its 2010 profits haul.</p>
<p>Most of its 2010 bonus pool will be shared among staff outside Britain, as it only has around 2% of its 85,000 staff in the UK.</p>
<p>However, a 17% hike in staff costs pushed operating expenses up as the group fights to hire top bankers in ultra-competitive Asian markets.</p>
<p>The group, which did not call on the Government for support in the financial crisis, also raised concerns over the impact of the UK&#8217;s new bank tax, echoing comments made by fellow emerging market player HSBC earlier this week.</p>
<p>Standard said the levy will cost it around £110 million post tax in 2011 and cautioned over a lack of co-ordinated action on worldwide banking regulations, which poses a headache for banks with international operations.</p>
<p>Peter Sands, group chief executive, said: &#8220;The biggest external challenge we face is regulation.</p>
<p>&#8220;Whilst we are broadly supportive of much of the regulatory reform agenda, the sheer scale of actual and potential changes, when applied across all the markets we operate in, represents a very considerable challenge and there is the real risk of unintended consequences.&#8221;</p>
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