HSBC denies director quit over jail threat

HSBC branch

Two directors of HSBC's British business have expressed concerns about new rules that can result in jail sentences for senior bankers, but only one has resigned, and that was mainly due to extra demands on his time, the bank said.

Reuters reports that HSBC Chairman Douglas Flint said in a letter publicly released on Monday that Alan Thomson had resigned from the board of HSBC Bank on September 4 and left at the end of October.

Thomson had "some incremental concerns surrounding the application of the new senior manager's regime to NEDs (non-executive directors)", Flint said in a letter to Andrew Tyrie, the politician who chairs the Treasury Committee.

Media reports in October said Thomson had resigned and that John Trueman, the deputy chairman, was close to resigning.

To access the complete Reuters article hit the link below:

HSBC says UK directors did not quit due to jail threat

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