HSBC’s Comey is new FBI director

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JAMES Comey is to quit his non-executive role at HSBC after the US senate approved his appointment as the next director of the Federal Bureau of Investigation.

The former deputy attorney general, who has a background in fighting drug cartels, joined the bank in March to help it avoid a repeat of money-laundering lapses that led to last year’s record $1.9 billion (£1.2bn) fine.

Comey replaces Robert Mueller, who has been at the helm of the FBI since 2001, and will step down from HSBC’s board on 4 September.

Chairman Douglas Flint said: “We are sad to lose Jim’s wise counsel and are grateful for the contribution he has made to HSBC in his brief time as a non-executive and member of the financial system vulnerabilities committee.”