HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe.
Standard Chartered PLC saw $9.1 billion wiped off its market value Tuesday after the New York state regulator accused the British bank of being involved in laundering money for Iran, dealing a further blow to the City of London's reputation as a financial center.
