LONDON Feb 6 HSBC's structure was "not
fit for purpose" two years ago but Europe's biggest bank is not
too big or complex after a far-reaching restructuring and series
of disposals, its chief executive said.
"Our structure was not fit for purpose in a modern world,"
Stuart Gulliver told lawmakers on a British banking inquiry on
Wednesday, saying he had implemented the biggest organisational
change in the bank's history when he took the helm in 2011.
HSBC was fined $1.9 billion in December, the largest ever
paid by a bank, followed a U.S. investigation into its Mexican
and U.S. operations that made scathing criticism of its
anti-money-laundering systems. The bank admitted failures were
partly due to its complex structure.