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17 Jul 2012

Comments made by David Bagley at the US Senate Permanent Sub-committee on Investigations

Speaking at the US Senate Permanent Sub-committee on Investigations today, David Bagley, Head of Group Compliance, HSBC Holdings plc, said:

"As I have thought about the structural transformation of the bank's compliance function, I recommended to the Group that now is the appropriate time for me and for the bank for someone new to serve as the Head of Group Compliance.  I have agreed to work with the bank's senior management towards an orderly transition of this important role."

David will continue to work with HSBC to secure a smooth transition for this important role.

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