News Column

Banking HSBC bank's US chief to retire after 32 years

June 17, 2014

Jill Treanor

Irene Dorner, the banker HSBC sent to the US Senate to apologise for mistakes that led to a pounds 1.2bn fine for money laundering , is retiring from the bank after 32 years. British-born Dorner was appointed to run the US operations of HSBC in 2011 and shot to prominence after the fine, which the US authorities said showed a "pervasively polluted" culture.

Her tenure in the US began after the string of problems that led to her appearance before the US senate, which had produced a scathing report that highlighted a string of problems at the bank. The bank's Mexican operations, for instance, had moved $7bn (pounds 4bn)into the US, apparently with links to drug traffickers.

In 2013 Dorner was paid $3.5m and in 2012 American Banker magazine named her the most powerful woman in banking. Aged 59, she is being replaced by Pat Burke, who started working for HSBC in 1989. The bank also said Rhydian Cox will take up a new role as head of regulatory remediation in the US operations.

Jill Treanor

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Source: Guardian (UK)

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