HSBC's head of compliance quits

Quote of the day: 'Now is the appropriate time for someone new to serve as the head of group compliance.' A somewhat restrained summation of the situation by HSBC head of compliance David Bagley. Yesterday, MT predicted that heads would roll as the HSBC banking saga unfolded. Well, the first one has hit the deck. Bagley has told the US Senate that he is resigning for failing to prevent the bank's money-laundering exploits. Who will be next for the chop in the 'profit over propriety' scandal?

by Rebecca Burn-Callander
Last Updated: 07 Oct 2014
Read the full story on the HSBC saga here

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