that was the message from hsbc executive stuart gulliver. caroline was just telling you about tax practices. how will the other issues play out in the coming elections? stay tuned for that. ♪ >> welcome back to "countdown." the government was just elected on anti-austerity platform. we sat down with the finance minister. he told us what the new deal means for the greek people. >> we never promised her people would we would negotiate completely and bring it to conclusion the first two weeks. the greek people are not that gullible, and we are not that cynical. secondly, we promised the end of the troika. whenever said anything about wanting to get out of the eurozone. our pledge to our partners and to the greek people is we're going to do everything necessary to stay in the eurozone. clearly that means having a relation with our central bank. this country has been part of the process since 1944. obviously our relationship with the imf is ongoing. it must continue. and actually improving. but that is not a troika. let me take you what a truck i

. >> seeing sorry -- c sorry, ceo stuart gulliver describing revelations as painful. yvonne, full-page ads in several british newspapers. >> it was mostly damage control from ceo stuart gulliver. they say they have made fundamental changes in terms of how they do business became in defensive about media coverage -- but they came in defensive about media coverage saying that it is data stolen eight years ago by a former employee and the names that were high profile the second-most are no longer very say that most are no longer client. -- very say that most are no longer clients. they've talked about having accounts by 70% in the private banking unit -- cutting accounts by 70% of the private banking unit. they have added that they have no appetite to do business with clients evading taxes. it has been weeks since each be -- hsbc has come under fire with how they handle accounts for tax evaders. >> what kind of political fighter? -- fire? >> several executives were asked to testify for the treasurer. david cameron under fire as well over why he appointed the extra -- ex-

now on monday, stuart gulliver having to say profits are down at hsbc.also unveiled that he himself had, in a previous life, back in hong kong held a swiss private bank account himself that was a shell company, a panamanian shell company. he said it was a complex structure. many are going to want to see why the non-transparency? could he be involved in tax dodging as well? he claims not. this is something that will be torn apart in front of our very eyes. stuart gulliver and douglas find in front of the mps. >> coming up, the french telecoms industry will report earnings. we will bring you those numbers next. ♪ >> you are watching "countdown." 6:30 in london. we may run out of patience with patients. that seems to be the message the dollar is down. on the month this would be the first monthly the client since june of last year. no doubt about it, dropping the word patience does not lock the fed into rate hike mode. >> this is not a proponent of the fic being pushed into a corner. recovery is just taking hold. recovery is just taking hold from janet yelle

current ceo stuart gulliver had vowed to overhaul hs ec's -- hsbc's bnrranch. it found out he was a member of the system he was setting out to dismantle. money he funneled through a panama bay's company, he has admitted to owning the account, but said he paid the taxes. he said he set out the account for reasons of secrecy. he did not want his colleagues to find out how much she was paid. he will appear next to douglas flint before the members of parliament. in 2012, the bank had to pay billions of dollars in a court settlement in a money laundering scheme. the market estimated to be worth $5 trillion a day. it is expecting more trouble ahead. the bank set money aside for future settlements and fines. >> let's look at a markets. mid point in the trading session. the london ftse is down moved by corporate results. we have had comments saying that the country will not have any liquidity problems. they could have problems repaying those debts. we will see if that moves the markets as the day goes on. more worries on greece moving things this. 11% full and the valu

stuart gulliver, himself named by a british newspaper of holding a swiss account. reporter: its reputation has been dragged through the mud and profits are down with it. it announced on monday that its annual pretax profits tumbled 17% last year to $18.7 billion. in a statement, hsbc described 2014 a challenging year and blames the drop on legal fines and settlements. it offered repeated apologies for its swiss subsidiary, which, according to documents leaked earlier this month health, -- helped customers avoid paying taxes through hidden accounts in geneva. >> the recent disclosures about unacceptable behaviors remind us of how much there still is to do and how far societies expectations have changed in terms of banks'responsibilities -- society's expectations have changed in terms of banks' responsibilities. this secret account once held $7 .5 million in bonuses, but was registered under the name of the panama company. hsbc says he pays all appropriate taxes. the revelations at another unsavory element to the growing pile of concerns on hsbc's plate. the bank's c

stuart gulliver will probably want to say the same. all of the press from activist shareholders. >> they can deny there is a discount and open to question. >> when was asked, he said the markets are -- quite funny from somebody in a big markets business. anyway. >> it is the complexity that people are focusing on and the inability and i heard time and time again yesterday, i do not have line of sight on it. you just wonder for a management team that is running a business so big and so complex for them to say again and again "i do not have line of sight," and you wonder if investors will say the risk is simply too big to work with the management team that doesn't have the ability to control details. as a result, regulatory fines. isn't there an argument that says we have now reached the point where it is and it has a direct feedback into returns and also the fines paid? >> the will keeps turning. we have to get back to the crisis. jpmorgan, -- >> i remember that. >> all of them consesnus buys and the world has changed. the big up -- in

stuart gulliver his bank helps clients avoid taxes as the product of a different error.is own account hasn't been to do with dodging taxes. >> it was purely about privacy. privacy from colleagues in switzerland. it had no tax purpose whatsoever. >> gulliver says he is de-risking the firm after reports they sheltered money for tax invaders in the 2000s. sim card maker jim alter -- were probably behind the hacking attacks on its networks. comments came after report and intercept blames the hacking. it is a great story. it was based on documents leaked by edward snowden. no products were affected. there was no significant active data. that story would argue otherwise. radioshack's name is going on the auction block. the biggest shareholder has offered $20 million for the name and other end an actual -- other intellectual property. they are trying to buy 2000 radioshack stores. the drumroll beats for the sec vote over open internet rules. the boat is tomorrow. today the house energy and subcommittee gave its two cents. joining us, larry down to testified this morning. what d

stuart gulliver said he will help client -- his role in helping clients avoid taxes is the product ofifferent era. he tells the committee his own private lives bank account has nothing to do with dodging taxes. it is clearly about privacy. privacy from colleagues in switzerland, and it has practice whatsoever. >> gulliver said he is delisting the firm after a report said it sheltered money for tax evaders and criminals back in the mid-2000. sim card akers said the government was probably behind the hacking attacks on the network. the comment came after a report blamed the hacking in the u.k. government as an amazing story. i will put it twitter links to this great story. it is based on a document league by edward snowden. he said no products were affected and no significant that data, although the story would argue otherwise. the radioshack name going on the audio. -- on the auction block separate from the stores. time to win approval to leave the bidding. also trying to buy as many as 2000 radioshack yours after the company filed for bankruptcy. >> the drumroll beats for the ash -- a

british parliament number questioned stuart gulliver. >> no one is going to be punished for this.t looks like you are at the limit of progressive tax avoidance. do you think you have the moral authority to carry on this process in hsbc? >> i don't think the laws, which are quite clear would affect aggressive tax avoidance. i believe the change admin to the firm clearly demonstrates sincerity of my desire to actually improve hsbc. >> civil rights groups have condemned the decision by federal appeals court panel to dismiss a class-action lawsuit over the city's 2011 mass arrest of occupy wall street protesters on the brooklyn bridge. in august, the same panel allowed the lawsuit challenging the arrest of more than 700 peaceful protesters to move forward. but this week, the panel reversed itself, dismissing the case. in a statement, the partnership for civil justice fund, which filed the suit, said -- "the court has abruptly doubled back on itself to tell the people of new york that if they participate in a police-led and escorted march, peaceful and compliant with all directives fro

you've also touched, of course on the revelations overnight that stuart gulliver in the past didn't onlynt, but also had a panamanian structure to keep the details of this has bonus payments secret. he made a remarkable point on the conference call i've just been on with him this morning, where he said that the hong kong bank in the 1990s, anyone could look at anyone else's payments. he was the highest paid executive in hong kong. therefore he opened this swiss account to hide details from his hong kong colleagues. and in switzerland, to hide details from his swiss colleagues he opened the pan panamanian structure. he did say the panamanian structure had now been closed. i asked him directly whether the swiss bank account had been closed, and he said he wasn't getting into that. the inference being he still has some form of swiss bank account. but he made the point very very clearly, no wrongdoing. he has paid full taxes on all his earnings in the united kingdom at the top rate of tax. sop this doesn't appear to be a tax issue. it appears to be a confidentiality issue. >> we'll keep acro

but stuart gulliver made fundamental changes on how they do business.o assure that the private bank unit has been overhauled. he took over as ceo in 2011. he said he established much tighter central controls around customers. they boosted compliance to around 7000. the swiss private banking unit cut accounts by almost 70%. said 2008, when this was to be going on, he added we have no appetite to do business with clients invading taxes. hsbc has come under political fire after this report by the international consortium of investigative journalists this month, showing how these with unit handled accounts for tax invaders, including criminals. >> those comments now. but what about back then? the political fallout is increasing for david cameron. , questionse minister raised about why he came to a minister afterc the treasury was handled details of the business is using hsbc. beingvernment overall accused of turning a blind eye to what was happening at hsbc. >> what about india? fallout far from over. new allegations about india? hsbc india, officials in th

. >> and more allegations, stuart gulliver at his own swiss bank account?g his own swiss bank account? >> according to "the guardian." the had his own account through a panama company registered as an anonymous company with a balance of $7.6 million in the name of dorchester equities incorporated. 5 million pounds in the was account overall. that will be a big questions. we look forward to the u.k. hearing were the chairman of his questions about -- where the chairman will face questions about his role during the allegations, gulliver will not be there but flint will take a battering. >> we expect more when they do the investor call later today. steel plunging after australia's only steelmaker announces results. this was a decent result for bruce go, why the selloff? >> it a strange one, isn't it? there was weakness in the iron with falling steel prices compressing the margins but all in all it looks to be a good story this morning. earnings, net profit $92.6 million up 26% on the second half of next year. sales were up 9%, domestically they have been doing

. >> the chief executive of hsbc stuart gulliver has apologized about how the bank's swiss unit helpsstomers even a taxes. in several newspapers, gulliver said the revelations had been quote, a painful experience. he said since 2008, the hsbc swiss private bank has been completely overhauled. >> and a chief executive could be planning as many as 10,000 job cuts at a u.k. retailer, and up to 6000 of those jobs could go from their head office. over 40 store closures have also been announced. >> opposition leader edward miller band will set out a plan to boost productivity. he is expected to signal a move away from a tax and spend model for the labour party at a speech at the jaguar land rover plant in one area. he is trying to overcome objections that his party is antibusiness. >> one politician is having surgery after a diagnosis of prostate cancer. he will be on medical leave for a week. he is expected to make a full recovery. in a twitter post, the 63-year-old lee said he was all prepared for the surgery. >> and a quick reminder that it is presidents' day in the united states, markin

they announced they had cut ceo's stuart gulliver's bonus by 38% a year ago.it cannot come soon enough for anyone living in boston, massachusetts. a weekend storm brought three to five inches more of snow. capped off by a half-inch of rain in some places. a growing problem with this point, collapsing roofs. more than 120 have collapsed in the last two weeks. there is been no serious injuries, it's boston's snowiest winter in two decades. apple ceo tim cook begins and around the world tour today. he's headed to brussels in tel aviv later this week. meanwhile, other executives are headed to mexico for meetings with regular readers there. the discussion may revolve around the soon to come apple watch. so why so much world travel this week? let's bring in bloomberg west's cory johnson. tim cook is so important, i kind of thing top journalists like you should be traveling with him like obama, air force one style. >> i do. but there's no reason to get away from this weather. so he was in mexico last week. we know that because the government officials he was meeting

the ceo, stuart gulliver, has paid taxes after opening a swiss bank account.a big night for "birdman." the film won best picture, best director best cinematography, and best original screenplay. eddie redmayne received the best actor oscar. julia moore won best actress. francine: all eyes were on the best british this weekend at london fashion week. we caught up with philip green behind-the-scenes at topshop's catwalk show. i started by asking him how the sale was going along and what is next for topshop. >> it's ok. no fireworks, no disasters. francine: you put up bhs for sale. how is it going? >> progress. francine: in a couple weeks? >> we've got interest. francine: anything else up for sale? topshop seems to be the standout. how much? you wouldn't think of selling topshop on its own? >> bhs, we've got so much going on everywhere, i need to freeze my time. it has been 15 years. but really, there's not a lot of things we are doing just the personal delivery attention. a lot more travel this year. francine: give me a sense of -- we are head-to-head of the ele