Business quote of the day: HSBC, or not HSBC?

Stuart Gulliver of HSBC defends his bank over its settlement for money laundering charges.

Photograph: Getty Images

The HSBC of today is a fundamentally different organisation from the one that made those mistakes.

Stuart Gulliver, group chief executive of HSBC, apologies after the bank agrees a $1.9bn (£1.2bn) settlement with US regulators over money laundering charges. The US Senate investigation accused the UK bank of being a home for “drug kingpins and rogue nations”. The payment is the largest ever paid in a case like this.