HSBC issues apology over tax-avoidance activities

HSBC boss Stuart Gulliver said sorry to MPs yesterday for unacceptable practices at the Swiss subsidiary.

HSBCGETTY

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.” 

HSBC CEO apologizes to UK MPs

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