Standard Chartered appoints new directors in financial crime crackdown following £425m fines December 10, 2014 Embattled bank Standard Chartered yesterday appointed a new committee of directors to combat financial crime. It also hired another nine experienced execs from across the business, finance and regulatory world to beef up its compliance functions. StanChart is still hosting investigators sent by US regulators in the wake of its $667m (£425m) fines in [...]
Who are Europe’s best paid bank CEOs? Four UK banks HSBC, Lloyds and RBS and Standard Chartered made the ranking November 11, 2014 Given the boardroom battles that have taken place over recent years, it's hardly surprising – but a new ranking of last year's 15 best-paid European bank bosses shows UK bankers are among the most highly-paid in Europe. British banks HSBC and Lloyds Banking Group took second and third places in the ranking, compiled by business [...]
Slower world economic growth hits Standard Chartered hard October 28, 2014 INVESTORS fled emerging markets-focused bank Standard Chartered yesterday after it reported a sharp fall in profits for the third quarter. The bank had racked up 10 consecutive years of record profits, coming through the financial crisis in strong form because of its focus in Asia and Africa, rather than the western world. But that has left [...]
Standard Chartered share price plummets after profits fall 16 per cent October 28, 2014 Standard Chartered's share price has plummeted this morning, as the bank warned on full year earnings after revealing falling profits for the third quarter. Shares in the lender had dropped 10 per cent in mid-morning trading, after it revealed pre-tax profits fell more than 16 per cent to $1.5bn (£930m) in the three months [...]
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: [...]