HSBC Says Mexico Events Crushed Its Reputation

"Our structure was not fit for purpose for a modern world," HSBC Chief Executive Stuart Gulliver tells lawmakers at a British banking inquiry. HSBC, whose former slogan "The world's local bank" reflects its presence in more than 80 countries, was given a $1.9 billion fine in December, the largest ever imposed on a bank, following a U.S. investigation into its Mexican and U.S. operations.

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