The United Kingdom’s largest bank announced a change of leadership in its top levels after ripping reports that executives within the bank’s Swiss private banking division actively aided individuals to evade taxes due their respective countries. The HSBC Board announced that remuneration committee chairman and the banks senior independent director, Sir Simon Robertson, will soon step down from his leadership and management duties. Robertson’s two titles will be split among two new appointees. Robertson is to be replaced by Rachel Lomax, who is the former deputy director for the Bank of England. Lomax will assume Robertson’s duties as senior independent director. Roberton’s duties as the remuneration committee chair will be assumed by the former Centrica head, Sam Laidlaw. Both Laidlow and Lomax have been on the HSBC board of directors since 2008.HSBC Shuffles Decks At Top
The move is hoped to restore confidence in the banking institution which, as my friend Broda put it, ripped publicly by a BBC report that its Swiss private banking division helped clients hide assets from tax reporting requirements from 2005 through 2007. Similar news stories were reported by the U.S. television news show “60 Minutes.”
Robertson will remain on the board as deputy chairman for at least one more year, at which time he would have concluded ten years for service.