HSBC issues apology over Swiss tax evasion

HSBC Holdings Plc chief executive Stuart Gulliver offered “sincerest apologies” following fresh details of how the bank’s Swiss unit helped customers evade taxes.

The revelations were a “painful experience” for the bank, Gulliver, 55, wrote in full-page advertisements published in several newspapers, including the Sunday Times.

“Since 2008, our Swiss private bank has been completely overhauled,” he said. “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.”