Britain's Standard Chartered announced on Thursday the exit of its top two bosses in a radical management reshuffle, as the Asia-focused bank battles to transform its fortunes.
Standard Chartered will pay more than 300 million dollars to settle charges it violated US sanctions on Iran, Burma, Libya and Sudan. The UK-based bank has been fined 100m by the Federal Reserve and the Department of Justice seized assets worth 227m, the regulators said.
Standard Chartered expects to pay 330 million dollars to US regulators to settle claims that it did not comply with US sanctions against Iran. The amount is on top of 340m it paid to New York's Department of Financial Services (DFS) earlier this year.
Standard Chartered has agreed a 340 million dollars settlement with New York regulators that accused it of hiding 250bn of transactions with Iran. The hearing that had been scheduled for Wednesday has now been adjourned.
Standard Chartered chief executive is in New York to negotiate directly with the US regulator that accused it of scheming to hide 250bn dollars of transactions with Iran. The regulator will hold a hearing on Wednesday to decide whether to revoke the bank's New York banking licence. It is unclear yet whether Peter Sands will attend the hearing.