Gulliver Says HSBC Didn’t Meet Acceptable Standards of Conduct
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HSBC Holdings Plc’s chief executive officer said its Swiss private bank didn’t meet acceptable standards of conduct amid allegations it profited for years by handling money for clients including arms dealers and drug cartels.
Stuart Gulliver and Chairman Douglas Flint have been summoned to appear at U.K. Parliament committee hearings on the scandal, the CEO said Friday in a memo to employees, which was seen by Bloomberg News. HSBC has cut the number of private accounts at the unit by about 70 percent and eliminated 104 of 140 clients named in media reports this week, he said.