Reuters reports that Standard Chartered bank has set aside $900 million to cover fines resulting from regulatory investigations in the United States and Britain. The news agency, or the PR bods at the bank, then helpfully add: ‘potentially drawing a line under probes which have dogged the bank for years’. Good luck. Yesterday it was UBS’s turn which, after a six-week trial in France, was deemed to have helped clients evade taxes and using ‘James Bond’ tactics to lure the wealthy in. Result: 3.7 billion euro fine and 800 million in damages.
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