HSBC compliance head resigns
HSBC Group Compliance head David Bagley is to resign over allegations that the bank facilitated money launtering
The decision comes after the bank came under scrutiny from a US Senate committee this morning. The bank was almost certainly used to funnel drug money from Mexican gangs, according to a new report on money laundering from the US Senate.
Chief executive Stewart Gulliver said he expected the bank to be "accountable" for any malpractice but stressed that "significant changes" had been made in the light of the revelations.