HSBC's top two bosses will be held responsible for transforming it into a simpler institution, Bank of England Deputy Governor Andrew Bailey said on Wednesday, as the bank tries to clean up after a Swiss tax scandal.
Reuters reports that HSBC has admitted failings in compliance and controls in its Swiss private bank after media reports said it helped wealthy customers conceal millions of dollars of assets in a period up to 2007. It adds to a long list of banking scandals that have emerged since the financial crisis, including several at HSBC.
Last week, HSBC Chairman Douglas Flint told a panel of lawmakers the bank was halfway through a transformation to make the bank simpler and to create central control.
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