Global bank HSBC is pressing regulators to allow its investigators to share confidential information across all 70 of its international affiliates to improve anti-money laundering compliance, the head of its threat mitigation unit said.
Federal officials balked at criminally charging HSBC Bank USA in 2012 over concerns that an indictment could harm the global economy and strain relations with the United Kingdom, Republican lawmakers said Monday.
The axe may be falling on up to 50,000 positions at HSBC Holdings Plc but at least one department seems sheltered from the cost-cutting measures: the bank's compliance team.
Facing parliamentary criticism, HSBC's top executives conceded Wednesday to "unacceptable" failures of its Swiss private banking unit that led to likely account abuses and subsequent reputational damage.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
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