Stuart Gulliver: I am the right person to run HSBC
HSBC boss Stuart Gulliver said he was the "right person" to run the embattled bank today, as he was quizzed by MPs on the Public Accounts Committee.
Asked whether he should remain chief executive of the bank, he said: "I am committed to finishing what I began five years ago in a firm I've served for 35 years."
As during a previous appearance before the Treasury Select Committee, Gulliver's tax affairs came under heavy scrutiny. However, he pointed out that he had paid "millions of pounds of tax to [HM Revenues and Customs] at the top rate of tax each year".
However, he admitted his tax arrangements – which involve him being domiciled in Hong Kong and holding a Swiss bank account – had damaged the bank's reputation.
My inability to convince anyone that these arrangements were not put in place for reasons of tax evasion have caused reputational damage to the bank. But the fact is I've complied with the tax laws.
Gulliver's appearance before the committee came after the details of thousands of clients of its Swiss private banking operation appeared to suggest its staff had helped some to evade tax.