Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

HSBC Hires Ex-U.K. Spy Chief Evans to Bolster Oversight

Don't Miss Out —
Follow us on:

May 31 (Bloomberg) -- HSBC Holdings Plc hired a former head of Britain’s domestic intelligence agency to help oversee its compliance efforts after the bank was fined $1.92 billion for failings in its money-laundering controls.

Jonathan Evans, a former director-general of MI5, will join as a non-executive director in August, Europe’s largest bank said in a statement today. Evans, 55, will receive 125,000 pounds ($190,100) a year in the job, HSBC said.

He will also be a member of the lender’s Financial System Vulnerabilities Committee, a panel HSBC set up to tackle financial crime after it reached a settlement with regulators in December over claims that lax oversight by top executives gave terrorists and drug cartels access to the U.S. financial system. The group, whose members include former U.S. Deputy Attorney General James Comey, who may be nominated by President Barack Obama to become the next FBI director, gives guidance on anti-money laundering controls, tax transparency, and preventing terrorist financing.

“During his career, Sir Jonathan’s experience included counter-espionage, protection of classified information and the security of critical national infrastructure,” the London-based lender said in the statement. Evans was named head of MI5 in April 2007 and retired last month.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net