€7bn wiped from Standard Chartered value

Standard Chartered has seen £6bn (€7.5bn) wiped from its value amid fears it could lose its US banking licence after regulators branded the lender a “rogue institution” over its dealings with the Iranian government.

The 160-year-old bank saw shares plunge 16% after regulators claimed it exposed the US to terrorists and drug kingpins by hiding $250bn (€200bn) of transactions with Tehran.