Last quote by Stuart Gulliver
Stuart Gulliver quotes
I'd like to put on the record an apology from both myself and from Douglas for the unacceptable events that took place in the mid-2000's, which is clearly an apology we'd like to make to you all, to our customers, our shareholders, to the public at large. It clearly was unacceptable. We very much regret this and it has damaged HSBC's reputation.
The report undoubtedly caused considerable reputational damage to HSBC. The extent to which that has resulted in loss of business is hard to measure, but it has undoubtedly damaged our brand.
There's a whole series of things that came from probably a decade in the 2000 to 2008-09 period that have surfaced now that the industry needs to sort out, remediate, and make sure doesn't happen again. It will take a chunk of time to clean the system and then it will take a little bit longer than that for trust to be restored more fully.
Investors have been sceptical about our ability to get our hands around HSBC. The scepticism was about anybody's ability to move such a large firm and change its direction.
We are pleased that the measures that are under our control, we are getting some serious traction on.
We clearly have a cost problem.