HSBC reports 17% fall in profits, declares 2014 as 'challenging year'

  • 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”.

    Tagged as: HSBC, UK taxes, settlements, fines, Stuart Gulliver, HSBC tax evasion, business news