HSBC has today paid for advertising in many British newspapers to apologise for its banking practices in Switzerland. The bank has written a letter saying that it is very sorry for helping rich customers avoid paying tax in 2005-2007.
HSBC is the biggest bank in the UK.
Secret documents were released this week that showed HSBC helped move money from the UK to Switzerland so that customers didn’t need to pay British taxes.
These documents have started investigations in many countries. So far, £135million of unpaid tax has been recovered and Lord Green, who was the boss of HSBC at the time of the scandal, has resigned from his current job at TheCityUK.
TheCityUK is a lobby group that promotes the interest of financial businesses and banks. This group advises and influences the British government.
The letter from HSBC says that these practices have been “completely overhauled”.
Vocabulary: tax (n), unpaid (adj), scandal (n), to resign (n), a lobby group (n), to overhaul (v). (photo and story from: BBC)