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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.

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Standard Chartered shares rebound

Shares open 6.5% up this morning. Yesterday they fell 17% Credit: Press Association

Shares in Standard Chartered opened 6.5% higher this morning, showing signs of recovery after their steepest one-day fall in decades.

Yesterday the bank was forced to deny allegations that they were laundering money for Iran.

The accusations, made by New York's State Department of Financial Services, seen the bank's share price tumble by more than 17%.

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