Stuart Gulliver

HSBC chiefs apologise for 'unacceptable' practices at its Swiss bank

HSBC chiefs apologise for 'unacceptable' practices at its Swiss bank

London, Feb 26 - The two top HSBC chiefs have reportedly apologised for "unacceptable" practices at its Swiss bank that helped clients evade millions of dollars in tax.

While Group Chief Executive Stuart Gulliver admitted that it had caused "damage to trust and confidence" in the company, Chairman Douglas Flint said that he felt ashamed and would take "his share of responsibility" for the failings, reported the BBC.

The two bosses were responding to questions from the UK Members of Parliament of the Treasury Committee.

However, on being asked who was responsible for the problems in HSBC's Swiss private bank, Flint pinned the blame on the management in Switzerland. He estimated that about 30 percent of relationship managers were still employed by HSBC. (ANI)

HSBC's profits to rise to $24 billion for 2013

HSBCBanking giant, HSBC has said that its profits are expected to rise to about $24 billion for 2013 as it implemented a cost cutting programme.

Under the cost cutting plan, the company is aiming to revive business by reducing costs across functions. Chief Executive Stuart Gulliver has sold or closed 60 businesses, cut 40,000 jobs and aimed at cutting costs across the global organisation during the previous three years.

HSBC’s net income rise 22% during first half of 2013

HSBC’s net income rise 22% during first half of 2013Global financial giant, HSBC Holdings has said that it has recorded an increase of 22 per cent in net income during the first half of the year.

HSBC boss earned 500 times more than bank’s lowest paid workers in 2012

Stuart-GulliverLondon, Mar 5 : The boss of HSBC, Stuart Gulliver, earned over 500 times more than the bank's lowest paid workers last year. The bank revealed that Gulliver received a hefty 7.4 million pounds in pay and perks in 2012.

The bumper package included a near two million pounds annual bonus even though the bank was fined 1.2 billion pounds for a money laundering scandal.

According to the Daily Mirror, Gulliver also earned a 1.25 million pounds salary, 1.2 million pounds in other benefits and share awards of three million pounds.

HSBC agrees to pay $1.9 billion in money-laundering probe

HSBC agrees to pay $1.9 billion in money-laundering probeUK banking major, HSBC has said on Tuesday that it has agreed to pay $1.9 billion to settle a money-laundering investigation being carried out by federal and state authorities in the US.

HSBC, which is the Europe's largest by market value, is allegedly involved in transfer of funds through the US financial system that were linked to Mexican drug cartels and nations like Iran that are currently facing international sanctions. The bank will pay $1.25 billion in forfeiture and paying $655 million in civil penalties to settle the investigations.

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