HSBC addressed the allegations about tax evasion at its Swiss operations, saying: "We deeply regret and apologize for conduct and compliance failures." The bank has come under fire this month after leaked details of how its Swiss subsidiary helped wealthy clients avoid taxes hit the headlines. HSBC chief executive Stuart Gulliver has had his own tax position dragged into the spotlight after the bank admitted he had a (totally legal) Swiss bank account, to hold his bonus payments from 1998-2003, for privacy reasons.