HSBC exec resigns as senators hammer money-laundering lapses [1]

HSBC Holdings Plc put itself at the mercy of the U.S. Senate on Tuesday, acknowledging shortcomings in its anti-money laundering operations and revealing the resignation of a global executive.

David Bagley, a top compliance executive at HSBC since 2002, told a Senate investigative panel that he would step down, after the panel released a scathing report calling out a "pervasively polluted" culture at the bank.

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