Tom Easton

The Chinese stock market has dropped a third over the last month, prompting a major intervention from the Beijing government.

This week the Senate held hearings on HSBC’s failure to halt illegal foreign transactions involving Mexican drug traffickers and Middle Eastern banks with suspected ties to terrorists. Tom Easton, the New York finance and economics correspondent for The Economist, talks about why the bank was overwhelmed by compliance demands of so many different countries—and why its competitors may be as well.