Standard Chartered profits fall, bad debts rise

May 08, 2013, 8:07 AM EDT
Workers at Standard Chartered Bank walk in the lobby of its headquarters in Seoul in this June 27, 2011 file photo.
REUTERS/Jo Yong-Hak/Files

Standard Chartered said it could miss its revenue target for the year after an increase in bad debts and a flood of cheap money into Asia hit first-quarter earnings. The bank's shares fell 5% in morning European trade. The bank says it will ease back on hiring to rein in growing wage costs.