Standard Chartered shares crash 25% as investors panic

Standard Chartered, one of the UK's largest banks, has seen its shares plunge almost 25% in morning trading as investors panic-sell in reaction to the news it may lose its US banking licence.

The New York State Department of Financial Services has accused the British bank's subsidiary - Standard Chartered Bank (SCB) - of hiding thousands of transactions carried out by Iran as part of a $250bn money laundering scheme. While the bank has strongly denied the allegations, analysts today moved quickly to slash ratings, with Shore Capital calling the development a 'hammer blow' to the investment case. In reaction shares have endured a savage sell-off. By 10:42am this morning, shares were down 23.5% or 345.5p, at £11.24. In total shares have fallen around 30% following a 6% fall ...