HSBC takes out newspaper ad to apologise for Swiss tax claims

Banking giant HSBC took out full-page adverts in British Sunday newspapers to apologise over claims that it helped customers at its Swiss private banking arm to avoid millions of dollars of tax. The advert, which featured in the Sunday Times, Sunday Telegraph, Mail on Sunday and Sun on Sunday, republishes a letter addressed by chief executive Stuart Gulliver to the bank’s customers and staff on Friday, in which he insists the Swiss bank had been “completely overhauled”. The bank chief asked that the claims be put “into context” and acknowledge that they had arisen from stolen data.

We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies.

HSBC chief executive Stuart Gulliver, who penned the letter published in the British newspapers

HSBC has been shaken by leaked documents, most from around 2005-2007, that show it helped wealthy customers evade taxes. The fallout from the claims caused the bank’s former boss Stephen Green to step down at financial services lobby group TheCityUK on Saturday. Britain’s Treasury Committee has called the bank’s chairman and chief executive to give evidence on the matter on February 25.

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