Speaking to Lords committee, former HSBC chairman apologises for failures but denies anyone at bank was aware of ‘industrial-scale systems of tax evasion’
The former HSBC boss Lord Green has admitted the bank should have made more stringent checks before buying its Swiss private banking arm, as he apologised for failures at the disgraced UK-based bank.
Green, who was HSBC’s chief executive between 2003 and 2006 and then chairman until 2010, told members of the House of Lords economic affairs committee on Tuesday that neither he nor the senior management team had been aware of the problems at the Swiss private bank, which engulfed HSBC in a scandal at the beginning of the year after the Guardian and other publications revealed it had helped wealthy clients avoid taxes.
Continue reading...
