HSBC Chief: 'We accept responsibility for our past mistakes'

We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes.

Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters.

While we welcome the clarity that these agreements bring, ensuring the highest standards wherever we do business is an ongoing process.

We are committed to protecting the integrity of the global financial system. To this end we will continue to work closely with governments and regulators around the world.