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Economics

HSBC Needs CEO Who Will Clean Up and Break Up the Bank

July 23 (Bloomberg) -- Bankers have made some dramatic moves in recent years, but even the most cynical observers were stunned last week when David Bagley, HSBC Holdings Plc’s top compliance officer, resigned during a U.S. Senate hearing.

“As I have thought about the structural transformation of the bank’s compliance function,” he told the senators, “I recommended to the group that now is the appropriate time, for me and for the bank, for someone new to serve as the head of group compliance.”