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> Why Did These Transgressions Come About? > In the case of HSBC, cost-cutting as part of a wide-ranging restructuring of the bank - through selling unprofita
by ineptech 4y ago
> Why Did These Transgressions Come About?
> In the case of HSBC, cost-cutting as part of a wide-ranging restructuring of the bank - through selling unprofitable businesses and centralizing its global structure - took a toll on the bank's compliance department.
Is this satire? Perhaps the reason the Sinaloa cartel sold all those drugs was because, in centralizing their organizational structure, they laid off the guy who reminds everyone to plant corn instead of coca.
- xyzelement 4y agoThe nature of compliance is that you are supposed to guarantee that an employee or even a department or branch can't "go bad" and do things you are affirming you don't want to be doing. So I agree this is a compliance failure though there are more proximal causes obviously.