HSBC issues apology over tax-avoidance activities
HSBC boss Stuart Gulliver said sorry to MPs yesterday for unacceptable practices at the Swiss subsidiary.
HSBC has issued an apology over its tax-avoidance activities
The chief executive told the Treasury Committee it damaged “trust and confidence”.
Chairman Andrew Tyrie told him and chairman Douglas Flint that revelations about tax-avoidance activities linked to the Geneva branch in the mid-2000s were “extraordinary”.
Mr Gulliver said: “I can understand how people find these arrangements kind of unusual.
"I myself grew up in Plymouth, I went to a state school.
"So I can understand why the public would find them unfamiliar and rather strange.”