BRUSSELS: HSBC chief executive Stuart Gulliver received £7.6m in pay and bonuses last year, as the bank issued a fresh apology for the “unacceptable” tax avoidance activities at its Swiss unit.
Gulliver was drawn in to the tax scandal after leaked files from HSBC’s Swiss banking arm showed he had an account there until 2003 and sheltered millions of pounds in a Swiss account through a Panamanian company. Gulliver, who became chief executive in 2011, was born in Britain but tax domiciled in Hong Kong, where the bank has major operations. His total pay of £7.6m compares with £8m in 2013.
In prepared remarks released alongside results showing a 17% fall in profits to $18.7bn (£12.2bn), Gulliver did not make any reference to his personal bank account. The banks shares fell nearly 5% this morning after the figures by Britain’s biggest bank were released. HSBC also revealed that 330 of its top staff were paid at least €1m (£738,000) last year.