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Midweek Roundup: Investors Sue Commerce Bank for $8 Million, HSBC Chief Outlines Post-Settlement Restructuring, and More
printHSBC Holdings Plc has undergone its biggest restructuring since 1865 in an effort to correct vulnerabilities that allowed it to be exploited by transnational criminals, according to the bank's Chief Executive Officer Stuart Gulliver, Reuters reported. The bank, which was penalized $1.9 billion in December for money laundering and sanctions failures, has sought to centralize its global business by diminishing the control of country managers. More Growing salaries for compliance personnel in conjunction with large enforcement actions are raising costs for financial institutions, The New York Times reported Wednesday. The average compliance salary increased by 21 percent in 2011, and...
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