Irene Dorner has been widely praised for turning around HSBC's troubled U.S. operations, but her successors still have a lot of work to do to finish the job.

The announcement that Dorner will step down Nov. 1 as the British bank's top U.S. executive comes midway through the bank's efforts to strengthen internal controls and regain credibility with U.S. regulators, following violations of U.S. anti-money-laundering regulations that led to a record $1.92 billion in penalties.

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