HSBC boss quits for failing to stop money laundering

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9407257/HSBC-boss-quits-for-failing-to-stop-money-laundering.html

HSBC was forced to apologise publicly today before the US Senate -- and saw its compliance chief resign -- over facilitating a multi-billion-dollar money-laundering operation for drug gangs, terrorists and rogue nations worldwide. ..
HSBC, the only British bank with US branches, is now braced for a "substantial" fine which analysts said could be up to $1bn (£640m). The latest banking scandal comes in the wake of Barclays' £290m fines for its role in rigging Libor.