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Standard Chartered to settle Iran claims by end of 2012 Standard Chartered to settle Iran claims by end of 2012
(about 1 hour later)
Standard Chartered hopes to settle all claims over Iran-linked transactions with US agencies by the end of the year.Standard Chartered hopes to settle all claims over Iran-linked transactions with US agencies by the end of the year.
The bank agreed in August to pay New York's banking regulator $340m (£211m) to settle allegations that it breached US sanctions and hid $250bn of financial transactions with Iran. But other inquiries, including a criminal investigation, are ongoing.The bank agreed in August to pay New York's banking regulator $340m (£211m) to settle allegations that it breached US sanctions and hid $250bn of financial transactions with Iran. But other inquiries, including a criminal investigation, are ongoing.
Standard Chartered is negotiating with the Manhattan District Attorney, the US Treasury Department, the Justice Department and the New York Federal Reserve, and has refused to quantify potential liabilities. Standard Chartered is negotiating with the Manhattan district attorney, the US treasury department, the justice department and the New York federal reserve, and has refused to quantify potential liabilities.
The bank also reported that operating profit grew by a mid-single digit rate in the first nine months of the year. Earnings would have risen by at least 10% if it hadn't been for the settlement with New York regulators who threatened to strip the bank of its state licence over its Iranian deals.The bank also reported that operating profit grew by a mid-single digit rate in the first nine months of the year. Earnings would have risen by at least 10% if it hadn't been for the settlement with New York regulators who threatened to strip the bank of its state licence over its Iranian deals.
"Although the environment remains turbulent, we are in the right markets and continue to see good momentum across our businesses and geographies," said chief executive Peter Sands."Although the environment remains turbulent, we are in the right markets and continue to see good momentum across our businesses and geographies," said chief executive Peter Sands.
The bank does not release specific numbers in its quarterly updates. Hong Kong, China, Indonesia and Europe put in a strong performance despite signs of lower growth in Asian economies.The bank does not release specific numbers in its quarterly updates. Hong Kong, China, Indonesia and Europe put in a strong performance despite signs of lower growth in Asian economies.
It also managed to keep a lid on costs, with expenses rising roughly in line with revenue - a trend known as "neutral jaws". Standard Chartered was bogged down by rising costs in much of 2010 and 2011 as it expanded across Asia. It also managed to keep a lid on costs, with expenses rising roughly in line with revenue – a trend known as "neutral jaws". Standard Chartered was bogged down by rising costs in much of 2010 and 2011 as it expanded across Asia.
Standard Chartered is one of few banks that are still hiring, whereas Swiss bank UBS announced 10,000 jobs cuts on Tuesday. In August, Standard Chartered said it planned to add 1,500 staff in the second half. Standard Chartered is one of few banks that is still hiring, whereas Swiss bank UBS announced 10,000 jobs cuts on Tuesday. In August, Standard Chartered said it planned to add 1,500 staff in the second half.