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HSBC issues public apology over claims it helped clients evade taxes

HSBC has issued a full-page apology in several newspapers over claims its Swiss private banking branch helped clients evade taxes.

In a letter addressed to customers and staff, chief executive Stuart Gulliver said the revelations over the past week had been a "painful experience".

The fallout from the revelations sparked a political row between the Conservatives and Labour.

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HSBC issues apology after 'painful experience'

HSBC has issued an apology for amid the ongoing tax avoidance row created by revelations on the practices used by its Swiss private banking arm, saying it has "no appetite" for clients who may seek to avoid paying their taxes or hiding their wealth.

HSBC 'helped wealthy clients evade taxes in private Swiss accounts', according to newly released files. Credit: PA Wire

In a letter addressed to customers and staff, chief executive Stuart Gulliver said the revelations over the past week had been a "painful experience".

We would like to provide some reassurance and state some of the facts that lie behind the stories. The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.

We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies.

We must put the recent media coverage into context. A former employee of the Swiss private bank stole data more than eight years ago. Major UK media outlets have focused on approximately 140 names included in the stolen data. Many of the people mentioned have been named simply because they are well-known individuals. The vast majority of these 140 people are no longer clients.

The media has been mentioning a number of 100,000 clients. At its peak, the Swiss private bank had about 30,000 accounts.

We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards.

– Stuart Gulliver
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HSBC issues public apology over claims it helped clients evade taxes

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