HSBC Holdings Plc’s reputation was “crushed” after it agreed to pay $1.92 billion to settle U.S. probes of money laundering in places such as Mexico, Chief Executive Officer Stuart Gulliver said.

“I’ve been in the firm 33 years and this gives me absolutely no pleasure whatsoever,” he told U.K. lawmakers in London today. “You shouldn’t be under any illusion as to how seriously we take this and how upsetting this whole thing has been. We’ve crushed our reputation with the Mexican events.”

via HSBC Reputation ‘Crushed’ by Mexican Money Laundering, CEO Says – Bloomberg.