James Ashton: Sands' stand was a price worth paying
Outlook A banking boss I talked to over the weekend was admiring Peter Sands' stand against allegations that his bank, Standard Chartered, had handled transactions from Iran in breach of American sanctions.
Instead of staying mum, Mr Sands jetted back from holiday in Canada and hit the phones to refute claims from New York regulator Ben Lawsky. This week he has been in New York attempting to clear his name.
Few bankers have been prepared to put their head above the parapet on any issue – and with good reason. Bob Diamond tried, calling on bankers to be "good citizens" in the months before the Libor-rigging scandal blew up.
But fears Mr Sands' stand could have annoyed regulators and resulted in higher fine, nearer to $800m, proved unfounded. Considering £5bn was wiped from Standard Chartered's stock market value in hours after Mr Lawsky went public, $340m looks like a small price to pay for getting back on the front foot.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...