HSBC chief compliance officer steps down

The British bank is under fire for allegedly financially assisting Mexican drug cartels

It’s a rough time to be a bank executive—but even worse when the bank you work for is associated with money laundering by Mexican drug cartels and has ties to banks that may help fund terrorist groups, including Al Qaeda.

The bank in question this time is Britain’s HBSC. And at least one of the its executives has decided to high-tail it out of there. No, not Stuart Levey, who was named chief legal officer in January. During a Homeland Security and Governmental Affairs subcommittee hearing yesterday centered on the investigation report, Chief Compliance Officer David Bagley announced he would be stepping down from his post, but not before admitting that the bank had allowed the illegal activity to continue.


Cathleen Flahardy

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