Standard Chartered drops 10% on fresh profit warning

The share price of Standard Chartered plummeted this morning after the bank announced a 16% drop in operating profit in the third quarter.

Standard Chartered added it expected the disappointing results to extend into the fourth quarter, prompting a 9.7% fall in its share price to 989p. The Asia-focused lender reported a 16% year-on-year drop in operating profit between July and and September as a result of a restructuring of its South Korean operations and increase in bad loans. Profit fell from $1.8bn (£1.1bn) in Q3 2013 to $1.5bn in the same quarter this year Standard Chartered also announced plans to cut an additional $400m in costs next year in an attempt to combat 'subdued' trading conditions. Meanwhile, the b...