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HSBC boss: Significant changes made to Swiss banking arm

Stuart Gulliver, HSBC's chief executive, has made assurances that significant changes have been made to the practices at the bank's Swiss subsidiary.

He said the bank is confident they have made considerable changes to HSBC's Swiss private bank saying they have reduced the number of clients the banking arm has from 30,000 to 10,000 and a tax transparency programme is now in place.

HSBC chief apologises for events at private Swiss bank

HSBC's chief executive Stuart Gulliver has apologised today for "the unacceptable events that took place in our private bank in Switzerland in the mid 2000's."

When asked exactly what he was apologising for Gulliver said: "The lack of controls and practices which now - judged with the benefit of hindsight - we would not be at all comfortable with if they were happening today, and which have clearly resulted in damage to trust and confidence in HSBC and created further reputational damage to our firm and have therefore hurt clients, customers, shareholders, our staff and people at large."

He made the official apology at the start of a House of Commons Treasury Committee meeting where MPs are due to quiz HSBC's bosses over allegations that the bank's Swiss arm helped wealthy customers dodge tax.

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Protesters gather ahead of meeting to quiz HSBC bosses

Protesters carrying banners with the slogan "David Cameron: Jail time for tax crime", have gathered outside the Houses of Parliament ahead of a meeting between MPs and HSBC bosses.

The chairman and chief executive of HSBC are due to appear before a panel of MPs this afternoon to answer questions about a tax scandal at the banking giant.

Protesters outside the Houses of Parliament Credit: Katie Hunter/ITV
Crowds gather ahead of the chairman and chief executive of HSBC appearing before a panel of MPs this afternoon Credit: Katie Hunter/ITV

HSBC bosses due before MPs over claims bank helped clients evade taxes

Stuart Gulliver and Douglas Flint Credit: PA Wire

HSBC chief executive Stuart Gulliver and chairman Douglas Flint are due before a panel of MPs today over allegations that the bank's Swiss arm helped wealthy customers dodge tax.

They are expected to appear before the House of Commons Treasury Committee.

Mr Gulliver has voiced the bank's regret over the conduct and compliance of its Swiss private banking arm and said that the practices were a "source of shame and reputational damage" for the banking giant, while Mr Flint said HSBC needed to reinforce controls and demonstrate their effectiveness.

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Payday lenders to have to share deals on comparison sites

Online payday lenders will be ordered to publish details of their products on at least one price comparison website under plans by the competition watchdog to make it easier for borrowers to shop around.

Payday lenders will have to share deals on comparison sites Credit: Rui Vieira/PA Wire

The Competition and Markets Authority (CMA) has made the finding following a investigation, lasting nearly two years, into the payday lending market, which found that a lack of price competition between lenders has led to higher costs for borrowers.

It found that most borrowers do not shop around, partly because of the difficulties in accessing clear and comparable information on the cost of borrowing and a lack of awareness of late fees and additional charges.

  1. Joel Hills

A bad year for HSBC but 320 staff earned more than €1m

So 2014 clearly was not a good year for HSBC. The investment bank made less money but the group as a whole continued to pay penalties for past abuses whether it was in terms of fines or indeed compensation.

It still made a lot of money - just over £12 billion for 2014, down though by 17% on the year before. Profits fell, so did the amount the chief executive earns. Stuart Gulliver took home £7.6m for last year. His bonus was cut by £500,000 because the bank failed to prevent traders manipulating the currency markets.

Remember that fine came at the tail end of last year. The overall bonus pool was also smaller, but 320 staff earned more than a million Euros each. Labour said the scale of the bonuses was astounding given the revelations of the last few days.

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