Standard Chartered has reported record profits in 2009 and criticised some recent proposals to regulate banks. This is yet another bank which seems to have come out of the clutches of recession. Unlike the RBS which seems to be going down under, Stanchart’s Pre-tax profits were $5.15bn (£3.4bn), up 13% from 2008. Total pay and bonuses rose 4% to $4.91bn.

The bank - which is based in the UK but makes most of its profits in Asia - said it was in the “interests of the business” to pay out bonuses.

“2009 was the seventh successive year of record income and profits,” Standard Chartered chairman John Peace said.