May 13, 2016
HSBC Holdings Plc is hiring 175 people for the financial-crime compliance team at its soon-to-be ring-fenced U.K. consumer bank, according to people familiar with the plan.
The team, which will be joined by 25 employees reassigned from other offices, will focus on anti-money laundering and sanctions compliance, said the people, who asked not to be identified as they were not permitted to talk publicly. They will be based in Edinburgh, where the bank recently opened a third office.
U.K. lenders such as HSBC and Barclays Plc are required by law to isolate, or ring-fence, their consumer banking units from riskier trading businesses by 2019. HSBC’s ring-fenced bank will be known as “HSBC U.K.” and the lender is moving the head office of the operation to Birmingham, England, transferring 1,000 people from London.