Gleeson also said it was “equally appropriate and desirable for the public to be interested and informed now in the progress” of the HSBC settlement.
HSBC in 2012 reached a landmark settlement with the federal government, admitting that it had deliberately laundered funds for drug cartels and countries under trade sanctions. Prosecutors described the settlement as a “sword of Damocles” hanging over HSBC. Should the bank fail to improve, it would face prosecution for unbridled financial wrongdoing.
A condition of the settlement was that the bank submit to extensive outside review of its reform efforts. The former New York State ethics chief Michael G. Cherkasky was appointed as the HSBC monitor in 2013.
A leaked copy of his report recounted instances of U.S. bank managers bullying and shouting at compliance team members, and drew attention to the bank’s dealings with clients that had possible links to terrorism, according to Bloomberg.