Feb. 6 - HSBC's was forced into its biggest restructuring in almost 150 years because the bank's complex structure and wide geographical spread had made it attractive to criminals, its chief executive says. Rough Cut (no reporter narration).
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"Our structure was not fit for purpose for a modern world," HSBC Chief Executive Stuart Gulliver tells lawmakers at a British banking inquiry.
HSBC, whose former slogan "The world's local bank" reflects its presence in more than 80 countries, was given a $1.9 billion fine in December, the largest ever imposed on a bank, following a U.S. investigation into its Mexican and U.S. operations.
The probe made scathing criticism of HSBC's anti-money-laundering systems and found its lax controls allowed two drug cartels to move $881 million through the bank.
Gulliver appeared in front of the inquiry with HSBC Chairman, Douglas Flint.
(SOUNDBITE) (English) HSBC CHIEF EXECUTIVE STUART GULLIVER
(SOUNDBITE) (English) HSBC CHAIRMAN DOUGLAS FLINT