HSBC executive resigns

Wednesday - Jul 18, 2012, 05:36pm (GMT+5.5)

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Washington - The head of compliance at HSBC resigned on Tuesday after apologizing to U.S. lawmakers investigating lax rules that allowed money laundering at the British bank.

â€œAs I have thought about the structural transformation of the bankâ€™s compliance function, I recommended to the group that now is the appropriate time for me and for the bank for someone new to serve as the head of group compliance,â€ David Bagley told a Senate panel in Washington.

Mr. Bagley, who has served in the position since 2002, apologized for significant failures at the bank.

â€œDespite the best efforts and intentions of many dedicated professionals, HSBC has fallen short of our own expectations and the expectations of our regulators,â€ he said.

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