Pressure rises for Standard Chartered board

Standard Chartered Shanghai Towers

A $300m fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.

Reuters reports that CEO Peter Sands has faced criticism following big losses in Korea, a slowdown in investment banking and the impact of tougher regulations. The bank warned in June that profit would fall in 2014 for a second straight year.

Some investors have already questioned the futures of Sands and Chairman John Peace, prompting the bank to reject reports in July that it was stepping up plans for their succession.

The civil settlement announced on Tuesday by Benjamin Lawsky, the New York State financial services superintendent, came two years after Standard Chartered agreed to pay $667 million to a variety of U.S. regulators to resolve similar charges, including $340 million to Lawsky's office.

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StanChart's $300 million fine raises heat on board

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