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HSBC compliance executive steps down

17 July 2012 Last updated at 18:04 BST

David Bagley, head of group compliance at HSBC, has announced in front of a US Senate committee hearing that he will step down and help the bank work "towards an orderly transition".

The committee has found that HSBC provided a conduit for "drug kingpins and rogue nations", as the panel investigated money laundering claims at the bank.