Standard Chartered has announced a dividend and share buyback scheme amid falling profit, along with a cut to the chief executive’s pay and plans to reduce its office space significantly in the coming years.

The lender posted a 40% fall in annual underlying pre-tax profit for 2020 to $2.5bn, and forecast that income for 2021 is likely to be at a similar level. However, it said it would restore its dividend of 9 cents per share and revealed a $254m buyback — the maximum permitted under the Bank of England’s temporary restrictions, after suspending payouts during the pandemic.