Irene Dorner, HSBC banker forced to apologise to the US senate, retires

Irene Dorner, the banker HSBC sent to the US to apologise for mistakes that led to a £1.2bn fine for laundering money, is retiring from Britain's biggest bank after 32 years.

British-born Dorner was appointed to run the US operations of HSBC in 2011 and shot to prominence after the fine, which the US authorities said showed a "pervasively polluted" culture that lasted for years, allowing HSBC to move billions around the financial system for Mexican drug lords, terrorists and governments on sanctions lists.

Her tenure in the US began after the string of problems that led to her appearance before the US senate, which had produced a scathing report that highlighted a string of problems at the bank. The bank's Mexician operations, for instance, had moved $7bn into the US, apparently with links to drug traffickers. In 2013, Dorner was paid $3.5m and in 2012 American Banker magazine named her the most powerful woman in banking.

Aged 59, she is being replaced by Pat Burke, who started working for HSBC in 1989 and has been winding down the problematic businesses inside Household, the US business HSBC bought in 2002.

The bank also said Rhydian Cox will take up a new role as head of regulatory remediation in the US operations. He will chair a new remediation committee, which will oversee compliance with regulatory rules.

Powered by article was written by Jill Treanor, for The Guardian on Monday 16th June 2014 16.35 Europe/London © Guardian News and Media Limited 2010


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