By 2007, John Root, HSBC’s head of Latin America compliance, appeared to be fed up.
Britain’s biggest bank was nearly five years into its 2002 purchase of Grupo Financiero Bital, a Mexican lender that HSBC had acknowledged internally was lacking a compliance department at the time of its acquisition.
On July 17 of that year, Mr Root told his counterpart in Mexico that his team “needs some cojones”, and must act.
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