Aug 7 - Standard Chartered had tumbled $15 billion by early Tuesday after allegations the bank hid $250 billion in transactions tied to Iran.
Standard chartered -- in hot water here's your morning coffee this Tuesday -- say you wrote institution according to New York's top bank regulator. Accusing standard charter of hiding 250. Billion dollars in illegal transactions -- I ran over the past decade. The regulators said the secret transactions generated tens of millions of dollars in fees over nearly. -- years I could result in the bank losing its license in the state. Stanford senior equity analyst Mike Warner says it's also a devastating blow to the British bank's reputation. Up until now standard chartered -- as the safe haven for the global banks you know they were not harder than these scandals or any allegations. And as a result they traded above yours because of this this however does take them down a notch and could result -- -- rating of the stock. Right now shares are down 24% in London. The scandal has wiped off fifteen billion of the bank's market value today with shares hitting a three year low. Standard chartered is the sixth foreign banks since 2008 to be implicated in dealings with sanctioned countries. Citigroup's retail brokerage business proving to be a burden for the bank Barclays Capital estimates that city. -- be hit by six billion dollar charge in the current quarter from markdown of its valuation of Smith Barney a business also partially owned by Morgan Stanley. City estimates the business is worth 22 billion while Morgan Stanley pegs it at nine billion. The disagreement came as Morgan Stanley tries to buy another 14% of the joint venture beyond the 51%. It owns shares of -- up slightly in the premarket. US stock futures point to a strong open on Wall Street after the S&P 500 closed at 83 month high on Monday. European stocks also rally today on optimism that the region may be able to work at a depth problems. The Euro also writing a rally marking a one month high. Stocks to watch today Knight capital that trading firm was rescued for 400 million dollars -- that investors on Monday. But it's picture is still shaky. Reporting results today CBS posting higher quarterly profit and raised its forecast for the year. And look for Walt Disney's results after the bell investors wanted to know if it's ESPN cable network is still pulling in the big bucks on advertising. And mortgage company earnings Express Scripts priceline.com. And Molson Coors report later today. That's your morning call this Tuesday you can follow us on Twitter Reuters Insider and check out our Reuters YouTube channel at Reuters dot com slash Reuters TV I'm Lisa Bernhard. This is Reuters.