News has emerged that the Co-operative Bank has hired David Bagley, last seen when he resigned as HSBC's head of compliance after admitting that HSBC had allowed Mexican drug cartels to launder billions of dollars through its US operation for years. The website Complaince Matters reports:

"David Bagley, who for a decade was the front-man for HSBC's global compliance effort, has resurfaced as a compliance consultant for the troubled Co-Op Bank in the UK. A spokesman told Compliance Matters: "My understanding is that he's currently on a contract with the Co-Op. I would expect that he's working on AML."