StanChart profit falls 37% on impairments, US settlement

London

BRITISH bank Standard Chartered, which generates most of its earnings in Asia, said on Wednesday that profit fell 37 per cent in 2014.

It cited higher charges for bad loans and other credit risks, an accounting charge on its Korean business and a previously announced settlement with the US authorities.

But Peter Sands, the bank's departing chief executive, said the lender had sacrificed some profit as it moved to cut costs, reshape its operations and focus on less risky businesses.

The bank said it was targeting cost reductions of US$1.8 billion over the next thr…