Standard Chartered: 'Completely disproportionate' to withdraw US banking license

The Sunday Telegraph's Business Editor Kamal Ahmed has tweeted:

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Peter Sands: 150 million payment transactions involving Iran, no evidence of any link to terrorist activity #stanchart

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Peter Sands: withdrawal of US banking licence would be "completely disproportionate" #stanchart

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Peter Sands: "This has clearly been very damaging. It would be unrealistic to pretend otherwise." #stanchart

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Standard Chartered says sorry

The boss of Standard Charted said allegations it hid $250 billion worth of transactions with Iran "came as a complete surprise". Peter Sands said the figure from the regulator was an estimate. It apologised for the $14m of mistakes they admitted to.