Chief Regulatory Officer Sylvie Matherat, who was promoted to board level by CEO John Cryan, said she needed at least another year or so to complete the compliance set up.
"If you really want to solve a problem in a sustainable manner, it will take longer and will be more difficult," Matherat told Reuters in an interview.
"The current management team is trying not to do quick fixes. It's much better to clean up properly. But that takes time and the journey can sometimes get a bit bumpy."