HSBC 'sorry for mistakes'
HSBC chairman has apologised for making "mistakes in the past, and for them I am very sorry." They have set aside £446m top pay for the money laundering scandal and £495m for mis-selling of PPI and credit swaps.
HSBC's Cayman Islands subsidiary handled 52,000 clients but had no staff
The US Senate's investigation into money laundering through HSBC found that a Cayman Islands subsidiary set up by the bank's Mexico division handled some 50,000 clients but employed no staff.
Money from the Cayman Islands had been used to buy jets for Mexican drug lords, according to senators.
Those accounts are in the process of being shut down, the former head of compliance at the bank said.
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