HSBC’s chief compliance officer has resigned from his post following the publishing of a report alleging that Britain’s biggest bank may have inadvertently allowed the laundering of billions of dollars in Mexican drug money.
The report, by a US senate sub-committee, also found that HSBC supplied $1 billion to a bank suspected of having links to terror organisations. HSBC is reported to be ready to “acknowledge its mistakes, answer for its actions and fix what went wrong”.
The words from banking executives wring hollow, given that the HSBC revelations are jostling for front page space with the continued fallout from the Barclays Libor interest rate fixing scandal. Just before that, investment bank JPMorgan incurred losses that could run as high as $7 billion on a trade. The litany of wrong-doing and incompetence among banks which has emerged since the start of the financial crisis is disturbingly long.
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