Standard Chartered chief says bank does not need to change culture

Source: The Guardian

Peter Sands, the chief executive of Standard Chartered, came out fighting against accusations by a US regulator that the British bank conspired with Iranian clients to move $250bn (£160bn) around the financial system for terrorists and "drug kingpins" as he attempted to repair the bank's battered reputation.

Apologising for the first time for some breaches of US sanctions, Sands on Wednesday insisted the culture at Standard Chartered did not need to change even though the New York state department of financial services (DFS) has accused the bank's head of risk of criticising "fucking Americans" for banning trade with Iran. The head of risk at the time, October 2006, was Richard Meddings, who is now finance director.

Sands said the accusations by the New York regulator, led by Benjamin Lawsky, contained "factual inaccuracies" and would be contested at a hearing on 15 August.

Read more: http://www.guardian.co.uk/business/2012/aug/08/standard-chartered-chief-defends-bank