Banking and financial services. Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the worlds most international banks, with employees representing 80 nationalities. It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

Red = 25 day moving average. Green = 200 day moving average.

Ouch! -13.8%

Nomura has downgraded its rating for Standard Chartered (StanChart) from 'buy' to 'neutral' on the back of the allegations of dealings with Iran by the emerging markets lender.

Following the bank's, StanChart was Nomura's preferred stock in the sub-sector and on the basis of fundamental equity analysis, that would still remain the case, the broker said on Tuesday morning.

"However, in the face of allegations by the New York State Dept. of Financial Services that Standard Chartered Bank (SCB, US subsidiary of Standard Chartered plc) engaged in unauthorised Iranian transactions, we see material headline risk and downgrade the stock to 'neutral'."

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Only downgraded to Neutral? Wonder what they have to do for a Sell rating then -):

risky buy? market cap down£10billion+!

Oochh...

SP recovering...... a storm in a teacup?

hali - you know how litigious the amis are, and the lawyers will just the love the chance of an action against a big corporate client .... that said, from the little i have heard, the senior management knew full well what they (the bank) was up to, and colluded to try to hide it

cynic we are not concerned about the unproven allegations more interested in making "a bob or two" on the rebound.

cynic made a nice day trade profit... isn't that the name of the game?

And Oooops again :-

Exclusive - U.S. regulators irate at New York action against Standard Chartered

NEW YORK/LONDON | Wed Aug 8, 2012 5:34am BST

(Reuters) - The U.S. Treasury Department and Federal Reserve were blindsided and angered by New York's banking regulator's decision to launch an explosive attack on Standard Chartered Plc over $250 billion (160.1 billion pounds) in alleged money laundering transactions tied to Iran, sources familiar with the situation said.

By going it alone through the order he issued on Monday, Benjamin Lawsky, head of the recently created New York State Department of Financial Services, also complicates talks between the Treasury and London-based Standard Chartered to settle claims over the transactions, several of the sources said.

Berenberg upgrade the stock from sell to hold. Up over 6% in early trading.

Is no-one trustworthy in Finance? Or is it a Big Game to those involved - like a day at the Funfair, when Auntie is paying?

Next we'll read that UK Gov has sold our Gold reserves, just when the price was low.

Oh Deary.

cynic did you catch the bounce?

In finance, money speaks not trust or human! everything is ignored as usual.... like politics

translation required?

*DJ US Regulators Are Said to Assert NY Regulator May Have Overstated Case Against Standard Chartered -CNBC >STAN.LN

hi hali ..... no, wouldn't even have wanted to attempt it ..... in fact, have taken a modest amount of money off the table by banking a decent profit on dow long ...... very much to my surprise, dow has now recovered strongly, but for sure there'll be a bad day sooner rather than later, and may get back in then

cynic every day the election draws closer..... high hopes!

nothing to stop me buying in at a higher level than that at which i sold ..... i have no hang-up for so doing if it looks right