HSBC has agreed to pay a fine of $1.9B (yes, billion) for their systemic violations of U.S. money laundering laws.
Tim Fernholz at Quartz calculates that “HSBC’s record $1.9 billion money-laundering fine is the bank equivalent of a stiff speeding ticket”.
The $1.9B is about 2% of their net income last year. He calculates that for an average New Yorker, that would be about $1,105. In N.Y., that’s the fine if you were going more than 31 mph above the speed limit on a third-time offense with previous points on your record.