Wed, 18 Jul 2012 03:46:06 GMT | By PTI

Top HSBC official announces decision to step down

Washington: Admitting massive shortcoming in its anti-money laundering operations, a top HSBC official today informed a Senate panel his decision to step down and the measures being taken to address the issues raised by the Senate committee's investigative report in this regard.

Top HSBC official announces to step down

From left: David Bagley, Head of Group Compliance of HSBC Holdings plc; Paul Thurston, chief executive of Retail Banking and Wealth Management HSBC Holdings plc; Michael Gallagher, former executive Vice President and head of PCM North America HSBC Bank USA, N.A.; and Christopher Lok, former head of Global Banknotes for HSBC Bank USA, N.A.

"I recognize that there have been some significant areas of failure. I have said before, and I will say again, despite the best efforts and intentions of many dedicated professionals, HSBC has fallen short of our own expectations, and the expectations of our regulators," David Bagley, head of group compliance HSBC Holdings Plc, told a key Senate panel during a Congressional hearing.

"This is something that a bank seeking to conduct business in the United States, and globally, must acknowledge, learn from, and most importantly, take steps to avoid in future," Bagley told lawmakers as he announced his resignation from the post that he has held since 2002.

"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. I have agreed to work with the bank's senior management towards an orderly transition of this important role," Bagley said.

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