Peter Sands News
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Banks and brokers face a clampdown on using assets they hold for clients as collateral for their own trades as part of European Union moves to bolster market stability and rein in shadow banking.
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HSBC Holdings Plc Chairman Douglas Flint said it’s “worrying” that more countries are acting unilaterally on regulation as financial oversight undergoes its biggest change since the Great Depression of the 1930s.
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Standard Chartered Plc, which generates more than three quarters of operating profit in Asia, will tap rising demand for wealth management products in Southeast Asia to bolster growth, Chief Executive Officer Peter Sands said.
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Standard Chartered Plc Chief Executive Officer Peter Sands said the U.K. bank faces an “avalanche” of new rules set by both international and local regulators.
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Standard Chartered Plc, the U.K. bank which earns most of its profit from Asia, said currency depreciation in the region will be less of a drag on revenue this year than in 2012.
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Standard Chartered Plc Chief Executive Officer Peter Sands hit back at a New York regulator’s claims the bank broke U.S. sanctions, and said he saw “no grounds” for revoking the lender’s license.
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Standard Chartered Plc, Britain’s second-largest lender by market value, cut bonuses by 7 percent and boosted its dividend after it was fined $667 million for U.S. sanctions violations. The shares rose.
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Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester questioned government plans to force banks to erect firebreaks around their retail units, saying the costs will outweigh the benefits.
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Standard Chartered Plc, having settled a New York money laundering probe for $340 million the day before it was to defend its right to operate in the state, still faces federal inquiries over claims it helped sanctioned nations including Iran illegally funnel money through the U.S.
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Standard Chartered Plc’s quick resolution of a New York money laundering probe was in the best interests of shareholders, clients and employees, Chief Executive Officer Peter Sands said in an internal memo today.
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