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Tuesday, 07 April 2020

Former HSBC chairman steps down from City lobby group after leaks

Reuters , Saturday 14 Feb 2015
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Views: 1042

A former boss of HSBC, Stephen Green, has stepped down from his position with a financial services lobby group after allegations that the bank helped hundreds of people dodge taxes during his time in charge.

Green decided to step down as chairman of TheCityUK's advisory council, an unpaid position, with immediate effect, the organization said in a statement on Saturday.

"He doesn't want to damage the effectiveness of TheCityUK in promoting good governance and doing the right thing so has decided to step aside from chairing our Advisory Council," Gerry Grimstone, chairman of the TheCityUK's board, said.

"This is entirely his own decision," Grimstone said, describing Green as "a man of great personal integrity."

HSBC has admitted failings in compliance and controls in its Swiss private bank after media allegations that it may have enabled clients to avoid paying tax.

The bank's chief executive Stuart Gulliver said on Friday that HSBC had sometimes failed to live up to the standards expected of it.

Lawmakers in Britain's parliament are due to consider whether to quiz Green over the allegations. He was HSBC chairman from 2006 until 2010 before he became UK trade minister in 2011, a position he held until 2013. He has so far declined to comment on the allegations. 

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