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HSBC’s Gulliver: Bank Made ‘Unacceptable’ Missteps
By Irene Madongo
printFacing parliamentary criticism, HSBC's top executives conceded Wednesday to "unacceptable" failures of its Swiss private banking unit that led to likely account abuses and subsequent reputational damage. In a mea culpa, HSBC Chief Executive Officer Stuart Gulliver and Chairman Douglas Flint apologized to customers and shareholders for the reported violations and told members of the U.K.'s Treasury Select Committee that the bank has since changed its policies. "It clearly was unacceptable, we very much regret this and it has damaged HSBC's reputation," Gulliver told committee members. The testimony followed reports earlier this month by the International Consortium of Investigative Journalists...
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