Sealed HSBC Report Shows U.S. Managers Battling Cleanup Squad
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HSBC Holdings Plc, smarting from a $1.9 billion fine for providing banking to money launderers and sanctions-dodgers, promised U.S. officials it would clean up its act.
Within a year, its reform efforts met resistance from leaders of HSBC’s U.S. investment-banking unit -- some of whom mounted a campaign of bullying, footdragging and discrediting against in-house watchdogs, according to previously unreported details from a report by the bank’s court-appointed monitor.