The under-fire CEO of Standard Chartered has committed to staying at the bank through a round of job losses and branch closures intended to improve profits.
With a banking heritage spanning more than 150 years, Standard Chartered has developed extensive global reach and a strong position in emerging markets and new trade corridors.
As the cost for rigging currency markets keeps rising, British banks can take cold comfort the costs are dwarfed by wrongfully sold insurance.
Top bosses at Standard Chartered admitted the bank’s performance had been disappointing as they announced plans to axe 100 branches in a $400m (£250m) cost-cutting drive to win back support from disgruntled investors.
About 80 families of US soldiers killed in Iraq together with several surviving military veterans who were wounded in roadside bombings are suing five European banks for damages on grounds that they allegedly siphoned money to Iran that was then used to finance the attacks.
Sir John Peace, chairman of Standard Chartered, has said the embattled bank can turn round its performance without a radical overhaul – although he conceded that it needs to show more humility.
It was an everyday kind of quarter for HSBC: superficially healthy earnings were undermined by a $1.6bn charge to cover a long list of fines, provisions and compensation bills.
The board of Standard Chartered last night issued a statement backing its chief executive and chairman ahead of a board meeting in Singapore on Tuesday that comes in the wake of last week’s profits warning and a new investigation by US regulators.
Shares in Standard Chartered slid to their lowest level in five-and-a-half years on Thursday after reports that US authorities had reopened an investigation into the bank over breaching sanctions with Iran.
U.S. prosecutors have reopened investigations into Standard Chartered to determine whether the bank, which entered into a deferred prosecution agreement in 2012, withheld evidence of Iran sanctions violations, two people briefed on the matter said.
Peter Sands, the chief executive officer of Standard Chartered, faces pressure from shareholders after the lender’s stock slumped to the lowest in more than five years on a forecast drop in profit.
Standard Chartered Bank has announced the appointment of Heidi Toribio as managing director and head of the Financial Institutions practice for the Bank in the Americas.