Daily Archives: February 7, 2013

John Gapper

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As an old student of HSBC – or, as I prefer to call it, Hongkong and Shanghai Banking Corporation – I found Stuart Gulliver’s remarks about the inadequacy of its structure following the Mexico money laundering scandal fascinating.

HSBC’s chief executive told the Parliamentary Commission on Banking Standards on Wednesday:

“Our structure was not fit for purpose for a modern world. Our geographic footprint became very attractive to transnational criminal organisations, whether they are terrorist in origin or criminal in origin.”