Standard Chartered plummets 7% on profits warning

Standard Chartered saw its stock price plummet 7% during trading today after warning of its first fall in operating profits for a decade.

The share price fell from £14.35 at open to £13.32 by mid-afternoon - off  6.8% - after the bank said its revenues would be broadly flat for the full year. The London-listed lender, which makes 90% of its income in emerging markets, has reported ten consecutive years of growth in revenues and profits. However, problems at the bank's South Korean subsidiary have caused the bank to expect at least a 10% fall in operating profits in consumer banking. In August, Standard Chartered took a $1bn writedown at the unit after lenders in the country were forced to write off personal loans, ac...