HSBC boss says he should stay in role, despite damage to bank

9th Mar 2015 17:54

HSBC chief executive Stuart Gulliver has admitted the scandal surrounding his personal tax arrangements have damaged the bank's reputation.However, insisting he was fit to stay on as head of HSBC to the Public Accounts Committee (PAC), Gulliver blamed media coverage for exacerbating damage.Gulliver's personal finance structure includes being domiciled in Hong Kong, a Swiss bank account, and a Panamanian shell company, which he asserts was set up to protect his privacy.When questioned rigorously by MPs, Gulliver said: "I pay millions of pounds to HMRC at the top rate each year -my tax affairs are in order. I would like the chance to finish what I've started."MPs insisted that HSBC executives should be held responsible for the scandal and should be fired."Either you're completely incompetent in your oversight duties or you knew about it," said Margaret Hodge, chair of the PAC. "I don't believe you didn't know," she added.