Not a good morning for Standard Chartered.
Their stock is dropping after anouncing that their income is "expected to be broadly flat on 2012." Investors don't appreciate that news.
They identified ongoing weakness in own account income and more recent pressure in financial markets as the "main drags" to overall performance this year.
Peter Sands, group chief executive, commented:
We are responding to near term challenges to ensure we strike the right balance between growth and returns, and have successfully managed costs tightly in light of the pressures on income.
Bank levy costs are expected to have risen from $174m (£106m) in 2012 to around $250m (£153m) this year.