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Breakingviews: StanChart’s new blunder

Wednesday, August 20, 2014 - 04:01

Standard Chartered is fined another $300mln for compliance lapses. Breakingviews says its misfiring strategy remains its biggest problem, whilst senior managers are too detached from daily operations.

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A lot of -- just kind of chill also making it any repeat offender that's how it stands out from the others like BNP. I'm warning is breaking news just take on this Tom it's a -- I -- foreign strategy. That let's talk a man who George I I joins is in the studio I'm Ali that this is one thing but there's a big problem right. Yeah I mean to a specific areas come out today is specifically to deal with. The is -- another fine from the department of finance services in new you'll. They say it's. Based what you go to get back TT is again when they initially following tests on top 214 million dollars and they said. You've been basically allowing people clear an Iranian influence -- but those transactions through -- you'll. Their prescribed area -- -- and I was leading role two years on what they say it is. Also the losses now also off 2012 ruling we want -- -- kind of and basically makes a list that currently didn't happen again. And they've -- -- said this time well you haven't on the opera well. But to be as it did it to be fast and it charges have also put this down some. Failing detection. A mechanism. In its money laundering transaction process and yes or something convoluted like Lafayette. I mean right it'll I'm not some. It wasn't quite so -- to Hong Kong regulator has saved. Who says in the middle of the road. In them embassy has -- -- says that well. These things -- bad durable. Take -- this isn't massive deal. Saved the series and and a minimal Santos saying in the -- correct but I -- rule mean nothing you say will it is not. You know it. This kind of the basic problem here is that. Once again finds pinnacle -- and you would think you'd be obsolete we kind of laser guided into compliance could've been McCain's own -- and they weren't quite. And what's the reason lies at the end it well. There's been told well in fact you say senior manages to attacks from daily operations. It's -- invoke the nothing decision making yet that this is a key program them. Doesn't mean it doesn't really -- about a -- is that annoying but it's mocha completely through. The big problem that will be sentences. Those with preexisting impressive about the -- that these sounds to excessive until he's the chairman. I know that's kind of laser guided on the kind of operational links secrecy as they keep the united -- -- -- but I themed crafts. So something not like this comes I swear it's in the secrecy that is the program the people bedroom bacteria -- so -- -- what's the what's the arms and what. What do investors want to see happen to that wants he can sense that. Well I think -- Via the -- big problem him probably the main thing that investors that they puzzlement that Santos stressed his stuff it's mixed Paula. They make them accountable profit warning in them in June patents. That the days when they were kind of query attempts included revenue lawyers -- in the year basis and as well as -- Ohio State. And that is the main problem and I think what you've probably sees them if Santos. Operational -- with the -- so the conclusion soon. Then it investors who days. Oh you're not doing too well on the operational side -- -- wanting to whilom. Complying regulatory issues. That we go don't we go to -- say. Was a long way of saying. He's quite -- the. -- Who are desperate spin speed that's the that's irritate. Bring you use them as your source US are told that these incidents and that he PST. I'm -- problems.

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Breakingviews: StanChart’s new blunder

Wednesday, August 20, 2014 - 04:01