The men at the top of HSBC lamented the “horrible reputational damage” their bank has suffered over revelations about its Swiss unit’s role in helping wealthy clients to avoid paying their tax as they faced MPs yesterday.
In an attempt to demonstrate at least some humility for a scandal that has ravaged the bank’s international image, chief executive Stuart Gulliver and chairman Douglas Flint repeated apologies for the bank’s conduct – but with rather less qualification than on previous occasions – as they appeared before the Treasury Select Committee.
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With the authorities in Belgium, France and the US preparing prosecutions, however, many may feel those apologies do not go far enough
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