30StanChart in bid to settle with US over Iran
Wednesday 31 October 2012
Standard Chartered is hopeful it will reach a final settlement with US regulators over breaches of sanctions against Iran that cost it $340m (£212m) earlier this year with New York's Department of Financial Services.
"We're in active and constructive dialogue with all of the other agencies. We hope to get that finished and completed by the year end but it's not wholly in our power to do that," said finance director Richard Meddings yesterday.
Most analysts expect that there will be a single agreed deal with the Federal Reserve, Department of Justice, New York District Attorney and Office of Foreign Assets Control.
Standard Chartered said that operating profit growth had slipped to the mid-single-digit level in the first nine months of the year. However, it would still have been in double digits without the payment of $340m.
It is still on track for its 10th consecutive year of profit increases but warned that its core Asian markets were now showing signs of slower growth as the global economy cooled.
In particular, the Singaporean wholesale banking business has seen a slowdown in growth from the high to mid-teens, and Standard Chartered has chosen to give up some margin there in order to capture more market share.
Across the group, the strength of the US dollar against Asian currencies during the year has also hit reported income.
Standard Chartered shares yesterday dropped 14p to 1483.5p.
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Chief Ebola doctor in Sierra Leone has contracted the deadly disease himself
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£400 - £420 per day: Orgtel: IT Transition Manager - Banking - Scotland - £400...
£350 - £400 per day: Orgtel: Test Lead, London, Banking, Financial Reporting, ...
£375 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...