£50m bank boss defends record

The fatcat boss of HSBC claimed he was leaving the bank in better shape, despite overseeing £11billion in fines.

The banking giant said it could be hit with another £1bn in penalties from claims its Swiss private bank helped wealthy clients evade tax.

Yet Stuart Gulliver, who stepped down yesterday, insisted: “HSBC is in a stronger and better position” than when he took over in 2011.

Since then, he has raked in £50m in pay and perks – including £6m last year alone – and is sitting on a £27m mountain of shares. The bank also paid out £2bn in bonuses last year, taking the total since 2011 to £16.5bn, while another 117 UK branches were closed in 2017.

Profits at HSBC leapt 141% to £12.3bn last year, fuelled by its Asian arm.

David Hillman, spokesman for the Robin Hood Tax campaign, said: “The bank has been untouched by the austerity it helped cause.”

HSBC said £45bn has been paid to its shareholders through dividends during Gulliver’s reign.