July 17, 2012 / 6:09 PM / 7 years ago

HSBC'S group compliance head plans to step down

HSBC Head of Group Compliance David Bagley (L) and Chief Executive of Retail Banking Paul Thurston (R), look over documents during testimony before the Senate Homeland Security and Governmental Affairs Committee in Washington July 17, 2012. A "pervasively polluted" culture at HSBC Holdings Plc allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday. REUTERS/Gary Cameron

WASHINGTON (Reuters) - The head of group compliance for HSBC Holdings Plc said he plans to step down as the bank copes with a money-laundering scandal.

David Bagley said before a U.S. Senate panel on Tuesday that he had recommended to HSBC senior management that it was the “appropriate time” for “someone new to serve as the head of group compliance.”

Reporting by Aruna Viswanatha; Editing by Gerald E. McCormick

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