HSBC chief executive Stuart Gulliver has admitted the banking giant "disappointed" last year after its annual profits slumped 17 per cent. The company still racked up a surplus of $18.7 billion (£12.1bn) for 2014 but this was short of City expectations and led to a slide in HSBC's share price in early trading.
The results were announced as Mr Gulliver was dragged into the ongoing furore over the bank's tax activities following the disclosure that he has a bank account in Switzerland to hold bonus payments. HSBC said he opened the account in 1998 when he was living and working in Hong Kong and full tax was paid in Hong Kong on the bonus payments. Mr Gulliver has voluntarily declared his Swiss account to UK tax authorities for a number of years. The group has been mired in allegations that its Swiss private banking subsidiary helped thousands of wealthy clients avoid tax.