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HSBC's 'complex structure' not fit for a modern world: CEO
- UK: Thursday, February 07 - 2013 at 06:59
Stuart Gulliver, the chief executive of HSBC, has said the bank's biggest ever restructuring had been necessary to simplify its complex structure and wide geographical spread which had made it attractive to money-laundering criminals, Reuters has reported. "Our structure was not fit for purpose for a modern world," Stuart Gulliver told lawmakers on a British banking inquiry. "To be honest, our geographic footprint became very attractive to trans-national criminal organisations, whether they are terrorist in origin or criminal in origin," Gulliver said. HSBC was fined $1.9bn in December, the largest ever paid by a bank, followed a US investigation into its Mexican and US operations that made scathing criticism of its anti-money-laundering systems.
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