Standard Chartered hit back hard yesterday against US regulatory attempts to cast it as a “rogue institution” for allegedly breaching sanctions on Iran, describing any transgressions as “small clerical errors”.
But the British bank’s “strong rejection [of] the portrayal of facts” on Monday by New York state’s Department of Financial Services failed to convince investors.
Shares in StanChart slumped more than 16 per cent yesterday to ￡12.28, their steepest one-day decline in decades. Under the direction of Peter Sands, chief executive, StanChart had emerged from the financial crisis relatively unscathed.
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