HSBC bosses reject calls to quit over tax scandal

London

HSBC bosses rejected calls from British lawmakers for them to quit over the bank's Swiss tax scandal, but said they were having to clean up after a "terrible list" of control and compliance failings.

HSBC chairman Douglas Flint and chief executive Stuart Gulliver told a panel of UK lawmakers they shared collective responsibility for failings at HSBC's Swiss bank that allowed clients to dodge taxes. "It clearly was unacceptable, we very much regret this and it has damaged HSBC's reputation," Mr Gulliver told the Treasury Committee with regard to practices in its Swiss bank in the mid-2000s. "I am responsible for clearing it up. I have made substantial changes," he said.