HSBC to apologise to US Senate at money laundering hearing

UK banking giant HSBC is planning to apologise to the US Senate following an investigation earlier this year into money laundering.

An internal memo sent by its CEO, Stuart Gulliver to staff said: "It is right that we are held accountable and that we take responsibility for fixing what went wrong." The bank is to testify before the Senate Permanent Subcommittee on Investigations (PSI) on 17th July. The committee has been investigating HSBC for months as part of a Congress inquiry into global banks and money-laundering. The title of the hearing is "Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History." A spokesperson for HSBC said: "As disclosed in regulatory filings, HSBC has b...