Banking

Standard Chartered Knuckling Under To U.S. Regulators

Despite strong support in the U.K., the bank is negotiating a settlement in America

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British bank Standard Chartered is trying to reach an early settlement over charges it hid $250 billion of transactions tied to Iran, backing down under pressure from U.S. regulators and shareholders.

Despite chief executive Peter Sands's strong denial last week of charges leveled by New York's Department of Financial Services, the bank's U.S. legal team has got as far as discussing a settlement figure with regulators, sources familiar with the situation told Reuters.