Fining Companies: Who Thinks this Gets Passed on to Shareholders and Managers?

Reading an article on al Jazeera about Mexico fining HSBC for money laundering led me to reflect on whether or not these fines get passed on to shareholders and management, or whether it just leads to higher prices for consumers or cost cutting that impacts the rank and file. I really don't know, but if anyone has references that explore this question I'd appreciate them being passed on.