HSBC said falling short on cleaning up its act

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HSBC is falling short on its agreement with the U.S. to clean up operations after clients laundered drug money and did business with terrorist regimes, according to two people familiar with a report from the bank’s monitor.

Bloomberg News reports that the critical, 1,000-page report, which summarizes HSBC’s first year under a court-appointed monitor, raises doubts about how effective the government’s use of deferred- and non-prosecution agreements is in reining in wrongdoing and changing culture at the world’s largest banks.

HSBC has one of the highest profiles among at least half a dozen financial firms subject to deferred-prosecution or non-prosecution agreements with U.S. authorities. 

To access the complete Bloomberg News article hit the link below:

HSBC Falls Short on Compliance, Monitor Said to Report

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