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HSBC announces profit drop as tax scandal and CEO's bonus bank account pile on pressure

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HSBC announces profit drop as tax scandal and CEO's bonus bank account pile on pressure

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Under pressure HSBC says that profits fell by 15 percent in 2014 adding business woes to embarrassment following revelations that its Swiss banking arm allegedly helped wealthy clients evade taxes.

To add to the pot of negativity Stuart Gulliver, the HSBC chief executive, reportedly had his bonus paid through a holding company into a Swiss account and had a total of £5m nestled there in 2007.

Gulliver defended his use of the Swiss account saying it was not a ploy to avoid paying taxes.

Gulliver has been on his travels since 1980 when he left the UK to work in Hong Kong.

He remains a Hong Kong resident and pays taxes in both the former British Colony and mainland Britain.