HSBC chiefs apologise for 'unacceptable' practices at its Swiss bank

Group Chief Executive Stuart Gulliver admitted that the incident had caused "damage to trust and confidence" in the company

The two top HSBC chiefs have reportedly apologised for 'unacceptable' practices at its Swiss bank that helped clients evade millions of dollars in tax.

While Group Chief Executive Stuart Gulliver admitted that it had caused "damage to trust and confidence" in the company, Chairman Douglas Flint said that he felt ashamed and would take "his share of responsibility" for the failings, reported the BBC.

The two bosses were responding to questions from the UK Members of Parliament of the Treasury Committee.

However, on being asked who was responsible for the problems in HSBC's Swiss private bank, Flint pinned the blame on the management in Switzerland. He estimated that about 30% of relationship managers were still employed by HSBC.