Standard Chartered fined $300m for poor money laundering controls August 19, 2014 US authorities fined British bank Standard Chartered another $300m (£180.5m) last night, for failing properly to check transactions for evidence of money laundering. The charge, from the New York Department of Financial Services (DFS), comes two years after the same regulators fined the bank $340m for breaking sanctions with Iran. The DFS put monitors into the bank, [...]
Standard Chartered banned from dealing with high-risk clients as part of $300m settlement August 19, 2014 For Standard Chartered (SC), $300m is not enough to sate the regulators. In addition to the settlement, the New York Department of Financial Services (DFS) has blocked the UK bank from dealings with certain high-risk clients, including some Hong Kong business customers and others in the United Arab Emirates. SC will also not be permitted [...]
Star Man from the Pru’s results turns spotlight on to Standard Chartered – Bottom Line August 12, 2014 It’s little surprise that the chief executives of Standard Chartered and Prudential “have a very good existing relationship,” to quote the latter. Peter Sands and Tidjane Thiam may come from very different corners of the world – Sands was born in England, Thiam in the Ivory Coast – yet these days both can regularly be [...]
Standard Chartered set for 20 per cent fall in profits August 3, 2014 Standard Chartered is expected to report a fall in profits of around 20 per cent for the first half of the year, when it publishes its results on Wednesday. The emerging markets specialist had seen 10 consecutive years of record profits, but in the spring launched a restructuring plan. The bank has warned about the [...]
Standard Chartered’s Peter Sands: The man who fell to earth July 24, 2014 With Standard Chartered under pressure after poor results, the clock is ticking on the reign of chief executive Peter Sands Peter Sands, long-standing chief executive of Standard Chartered, the City’s not-a-banker banker who became the poster boy of weathering the recession, finds himself in a precarious position. The bank, which he has successfully steered through [...]
Peace is not ready to ditch Sands at Standard Chartered – just yet July 23, 2014 STANDARD Chartered Bank, which recently produced its worst results in more than 12 years, said last night it stood behind its beleaguered chairman and chief executive. In response to speculation that either chairman Sir John Peace or chief executive Peter Sands might step down imminently in the wake of the bank’s disappointing performance, it said: [...]
Bankers dash for the cash in Standard Chartered’s 5k race July 10, 2014 Some 6,500 City workers ran through the streets of the Square Mile last night, not to All Bar One for first dibs on Thursday drinks, but as part of Standard Chartered’s annual 5k Great City Race. The rain held off as teams from firms such as Investec, KMPG, Lloyd’s of London, PwC and [...]
Standard Chartered hit by pay revolt May 8, 2014 BOSSES at Standard Chartered are planning peace talks with investors after rebelling shareholders came close to rejecting the directors’ pay policy yesterday. At the bank’s AGM the vote on pay was opposed by 41 per cent of investors, evoking memories of the shareholder spring and putting pressure on chief executive Peter Sands to improve relationships. [...]
HSBC and Standard Chartered chairmen demand EU reform November 11, 2013 THE CHAIRMEN of two of the UK’s biggest banks yesterday called on Brussels to promote free trade and slash regulation as the best way to increase competitiveness and cut unemployment in the region. HSBC chairman Douglas Flint and Standard Chartered chairman Sir John Peace were among dozens of business leaders who demanded the changes in [...]
Standard unveils ambitious plans for consumer market October 31, 2005 Standard Chartered is aiming to double profits from consumer banking every three to five years, it said yesterday. The London-based bank, whose activities are focused in Asia, also said it was optimistic about its prospects, as it began a briefing trip for analysts in Dubai and Korea. Shares in Standard Chartered have been climbing steadily [...]