A focus on Asia and Africa allowed Standard Chartered to breeze through the credit crisis. Nor were there any nasty allegations of Libor-rigging or money laundering.
So being accused by New York regulators of being a "rogue institution" that illegally hid $250bn of Iranian transactions over a decade could destroy Standard Chartered's reputation in one blow.
It is claimed that Standard Chartered's New York branch was given the brush-off when it warned the London head office that the bank could be exposing itself to criminal charges.
If even half the allegations are proved, boardroom resignations would have to follow. Peter Sands, chief executive, and Richard Meddings, finance director, need to give their version of events very soon.
Monday's feeble holding statement suggests the bank is entirely unprepared for the storm now breaking.
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