HSBC hit by US watchdogs

The HSBC bonus pool was cut by 12% from $4.2 billion to $3.7 billion (BLOOMBERG)

HSBC has been ordered to improve its anti-money laundering measures by US watchdogs after a probe found violations of banking laws and rules.

The Federal Reserve issued the UK's biggest bank with a "cease and desist" order "for violating the Bank Secrecy Act and its underlying regulations".

It requires HSBC's US business to take corrective action to improve compliance and risk-management programs.