Stuart Gulliver's Career at HSBC Spanning Leadership and Scandal

Stuart Gulliver was appointed as the CEO of HSBC in 2011, a position he held until 2018.

He led the bank through a significant restructuring effort, resulting in a significant reduction in the bank's workforce.

Gulliver's tenure was marked by controversy, including a scandal surrounding the bank's money laundering practices in Mexico.

The scandal led to a $1.9 billion settlement with US authorities in 2017.

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Stuart Gulliver joined HSBC straight out of university in 1980, joining the bank's training programme. He was encouraged to do so by an HSBC manager working in India.

Gulliver worked in the Treasury and Capital Markets departments, and later rose through the ranks to become a key player in the global operational business of the group. He held stations in London, Hong Kong, Tokyo, Kuala Lumpur, and the United Arab Emirates.

In the mid-1990s, Gulliver was tasked with leading the Treasury and Capital Markets department in the Asia-Pacific region from Hong Kong. He successfully built the investment banking business in Hong Kong, making the Asia market a major revenue generator for HSBC, even after the Asian financial crisis.

Gulliver was appointed Group General Manager in 2000 and later led the global Markets division from 2002 to 2003. He then returned to London to oversee the global Corporate, Investment Banking, and Markets division.

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Stuart Gulliver joined HSBC straight out of university in 1980, joining the bank's training programme.

He worked in various departments, including Treasury and Capital Markets, and rose through the ranks to become a Group General Manager in 2000.

Gulliver was in charge of HSBC's Asian markets business during the Asian financial crisis in 1997 and 1998, and he declined to bet against the currencies of many Asian countries, instead working with central banks to build stability.

He was appointed Group Chief Executive of HSBC Holdings plc in January 2011, replacing Stephen Green who was being appointed Minister of State for Trade and Investment by David Cameron.

Gulliver became the Group CEO of HSBC in 2011, and he held this position until 2018.

During his tenure as Group CEO, he received a total of 7.6 million pounds in salaries and bonuses in 2014.

Gulliver was appointed to various roles at the bank, including chairman of Europe, Middle East and Global Business of HSBC Holdings plc, and chairman of HSBC France.

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Stuart Gulliver's tenure as CEO was marred by scandal, particularly with the tax avoidance scandal in 2015.

HSBC's Swiss subsidiary was helping wealthy clients, including some of Britain's richest individuals, to avoid tax laws.

Gulliver apologized on behalf of the bank, saying the Swiss bank had had a 'complete overhaul'.

However, it was later claimed that Gulliver himself used a Swiss account to hold £5 million of his personal fortune.

Gulliver's non-domiciled status allowed him to reside in Hong Kong, and he held the £5 million in a Swiss account with the bank.

He was named as the beneficial owner of an account in the name of Worcester Equities Inc, an anonymous company registered in Panama.

Until 2003, Gulliver's HSBC bonuses were paid into this account.

Gulliver's lawyers said he paid Hong Kong tax on the income and followed a procedure to keep his taxed bonus earnings private.

However, they declined to explain why he used a Panamanian company to hold the funds.

His Swiss accounts have been voluntarily declared to UK tax authorities for a number of years.

Stuart Gulliver is a seasoned banker with a long and distinguished career. He graduated from the University of Bristol with a degree in Economics.

Gulliver's early career began at the Royal Bank of Scotland, where he worked in various roles for over 10 years. He then moved to the Bank of America, where he spent 6 years in New York and Hong Kong.

In 2007, Gulliver joined HSBC as the Chief Executive Officer of Global Banking and Markets. He played a key role in the bank's international expansion and was instrumental in navigating the bank through the 2008 financial crisis.

Gulliver's leadership and expertise eventually led to him becoming the Group Chief Executive of HSBC in 2011, a position he held until 2018.