PEERS Green and Bischoff set to give evidence at Lord’s Economic Affairs Committee
Lord Green, the former HSBC chief who resigned as chair of TheCityUK’s advisory council over claims the bank’s Swiss subsidiary enabled tax dodging while he was in charge, will together with FRC chairman, Sir Win Bischoff, face a House of Lords Economic Affairs Committee on banking culture.
Lord Stephen Green, an ex-trade minister in David Cameron’s government, resigned his position of the influential lobby group in February this year over the fall-out from the scandal.
Green was anointed HSBC’s chief executive in 2003 before chairing the bank between 2006 and 2010. Leaked HSBC files showed its Swiss arm promoted a rouse enabling clients to avoid tax.
Tuesday’s summons will be Green’s first appearance before a parliamentary committee since he left the government.
The committee will also take evidence from City grandee, Sir Win Bischoff, the former Lloyds and Citigroup chairman.
The session is set to cover a wide range of issues around banking culture including the activities of HSBC’s Swiss and Mexican operations and whether they took anti-money laundering rules seriously and the increasing ratio of CEO pay to the average worker’s pay.
Other core areas include whether global banks are too large and complex to manage and whether the move from enormous bonuses to banker’s remuneration derived from fixed pay is cause for concern.
After some four decades at Schroeders and Citi, Sir Win became Lloyds’ chairman in 2009, manouevering the publicly-owned bank back into the black.
The Anglo-German financier – who began his banking career at Chase Manhattan in 1962, before rising to chief executive and then chairman of Schroders, after a spell heading up its Asian operations in Hong Kong during the early 1970s.
As well as chairing the accounting and auditing watchdog, septugenarian Sir Win currently heads up the board at JP Morgan’s $15bn (£9.7bn) European operations.