Monday, February 23, 2015

HSBC chief defends his front company in Panama – FAZ – Frankfurter Allgemeine Zeitung

HSBC chief defends his front company in Panama – FAZ – Frankfurter Allgemeine Zeitung



HSBC chief executive Stuart Gulliver gets into the vortex of the tax scandal in the British bank. It has been learned, Gulliver used in previous years for his million dollar earned income a Swiss bank account and a letter box in the Latin American tax haven Panama. He did this to prevent became known among colleagues, how much money he earned, the bank chief defended on Monday.


Marcus Theurer Marcus Theurer, born in 1972, business correspondent based in London

HSBC is under pressure, since dirty business has become known in the Geneva branch of the bank two weeks ago. Stolen account information from more than one hundred thousand HSBC customers suggest that the Institute helped tax evaders in a big way to direct their money at the Treasury over and also made deals with dictators and terrorist supporters. The documents are the tax authorities of different countries known for years, but only now reached the public.


So far, the CEO Gulliver could take the position of Aufräumers and reformer in the Swiss tax scandal. For the British moved in 2011 to the top of HSBC and has since embarked on a far-reaching restructuring of the Group. The Swiss dubious transactions occurred, however, in the ye ars up to 2007 instead. But now he gets into the twilight: The bank confirmed a report by the British newspaper “Guardian”, after which Gulliver his multi-million dollar bonuses success bunkerte by the year 2003 on a Swiss HSBC account. To disguise his identity as the account holder, he switched additionally a shell company in Panama between.


Gulliver worked in the nineties in the HSBC branch in Hong Kong. The successful banker was at that time over the years the highest paid employee of the banking house. HSBC chief assured now that he had always taxed his entire earnings for top tax rate in the United Kingdom since 2003, when he aufrückte in the leadership of the Bank. Executive Chairman Douglas Flint strengthened expres sly Gulliver’s back: The charges against the bank boss had just hot air. “He has done nothing for the Board was not absolutely transparent,” Flint said.


The annual figures released Monday by HSBC, meanwhile ensured in the stock market for long faces. In the morning, the bank had announced a fall in pre-tax profits for the full year by 17 percent to $ 18.68 billion (16.5 billion euros). Analysts, however, had on average expected a higher by almost $ 3 billion result. Shares of HSBC fell thereafter during trading in London by 6 percent. Above all, a decline in net interest income and a weak performance in the commercial division Global Banking & amp; Markets impact on Group profit.

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Trade-profit shrank by 38 percent to 5.9 billion dollars. Among other things, HSBC had last year for financial scandals spend another 1.2 billion dollars.


In November, the bank has to pay more than 600 million dollar fine for manipulations in forex trading. However, the investigations are continuing and the bankers set for imminent further fines back again $ 550 million. The income of the HSBC chief Gulliver was reduced also because these missteps by 5 percent to 7.6 million pounds (10.3 million euros). Except HSBC also Citigroup, JP Morgan, Royal Bank of Scotland, Bank of America Merrill Lynch and UBS have in forex scandal already have to pay heavy penalties.


The HSBC chief admitted on Monday at the same time that the bank will be less profitable in the future than previously promised. HSBC expects in the coming years, only a return on equity of “more than 10 percent.” On taking office in 2011 Gulliver, however, had yet made a return of 12 to 15 percent in view. However, higher capital requirements and more effort for stricter regulatory requirements made this goal unattainable now, Gulliver admitted.


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“Swiss Leaks”

HSBC chief defends his front company in Panama

From Marcus Theurer, London

Stuart Gulliver joins the British bank as a reformer. Now his strange private financial arrangements to get him a.

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