HSBC has warned that it could pay at least $1.5bn in penalties over alleged tax evasion and money laundering at its Swiss private bank, casting a shadow over Stuart Gulliver’s final day as chief executive.
The estimate underlines how the outgoing HSBC boss has struggled to get to grips with the string of scandals thrown up by a number of ill-judged acquisitions dating back to before he took over in 2011.
Mr Gulliver was due to hand control of the bank at midnight on Tuesday UK time to John Flint, HSBC’s former global head of retail banking. Mark Tucker, former chief executive at Asian insurer AIA, took over as HSBC chairman from Douglas Flint, no relation to John Flint, in October.