“We have absolutely no appetite to do business with customers that are evading taxes.”
− Stuart Gulliver, CEO of HSBC, on a conference call with investors. The bank has apologised for helping clients for years to hide their income in Swiss bank accounts to avoid paying taxes. Gulliver himself held $7.7m (R89.7m) in a Swiss account through a Panamanian company until 2003, leaked documents showed. He said that he paid the taxes, but hid the money so his colleagues wouldn’t know the size of his bonus.