HSBC Chief Executive, Chairman apologize for 'unacceptable' practices
February 26 , 2015
HSBC’s chief executive and chairman have tendered an apology for the “unacceptable” practices that helped clients avoid tax, at the company’s Swiss private bank.
Group chief executive Stuart Gulliver acknowledged that this had damaged the “trust and confidence” in the firm.
Gulliver and Douglas Flint, the HSBC chairman, were answering questions from a UK parliamentary committee.
Though Flint said that he took “his share of responsibility” for the practices at HSBC's Swiss private bank, he posited that the management in Switzerland was “most culpable”.