HSBC reports 17% fall in profits, declares 2014 as 'challenging year'
February 24 , 2015
HSBC has posted a profit of $18.7 billion for 2014, down 17% from the previous year, amid an ongoing controversy over allegations that the bank had helped people in evading British taxes.
Describing it as a “challenging year”, the bank said the negative impact of settlements and fines and customer redress caused the sharp decrease in profit.
Meanwhile, chief executive Stuart Gulliver’s overall pay fell from £8.03 million in 2013 to £7.6 million in 2014.
Gulliver also acknowledged that HSBC withdraws advertising from newspapers with “hostile editorial coverage”.