Top HSBC official announces decision 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.