The lifting of the DPA is a relief for the bank, its former chairman Douglas Flint and its outgoing chief executive, Stuart Gulliver. Under Gulliver HSBC has spent $1bn on efforts to clean up its business and bolster its compliance operations. When the DPA was announced, the US had described it as “sword of Damocles” hanging over HSBC. Gulliver – who is leaving HSBC in February after nearly four decades – said the bank was now able to combat financial crime more effectively than five years ago. Concerns were raised by former Labour cabinet minister Peter Hain, and HSBC said it had closed bank accounts held by “front companies” associated with the Guptas.

Source: The Guardian December 11, 2017 14:37 UTC