HSBC has named former U.K. tax chief Dave Hartnett to advise a new board committee created to tackle financial crime.
Bloomberg reports that Bill Hughes, 62, ex-head of the Britain’s Serious Organised Crime Agency; Juan Zarate, a former George W. Bush administration counter-terrorism adviser, and former U.K. diplomat Nick Fishwick, 54, will also advise the group, London-based HSBC said in a statement Tuesday.
Chief Executive Officer Stuart Gulliver’s attempts to reduce costs and improve profitability have been hurt by U.S. probes and by compensation claims from U.K. clients. A Senate committee said in July that lax oversight by top HSBC executives gave terrorists and drug cartels access to the U.S. financial system. Its $1.92bn settlement in December to end probes into money laundering is the biggest of its type reached in the U.S.
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image: © Howard Lake