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.
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.
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’s shares tumbled on Tuesday after the emerging markets bank issued another warning on profits, putting further pressure on its boss, Peter Sands.
Sad to report.
Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.
A $300m fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.