Standard Chartered threatens to quit UK over bank levyComments Off on Standard Chartered threatens to quit UK over bank levy
Finance director Andy Halford said: “That is something we continue to keep under review.
“It’s an evolving thing but certainly the increase in the amount of bank levy we will be paying in the UK is significant.”
He said that Standard Chartered, which has very little business in the UK, expected the lbank evy to cost it $540 million (£355 million) this year — a rise of $170 million.
The bank suffered another blow today as first-quarter profits came in well below City expectations.
The 22% fall in pre-tax profits highlighted how great a problem Bill Winters faces when he takes over as chief executive from Peter Sands in June.
Profits dropped to $1.47 billion on subdued trading, higher bad debts and increased regulation costs.
“Trading conditions remain challenging and the actions we are taking to de-risk, cut costs and build capital are having an impact on near term performance.,” Sands said in a statement.