Update: HSBC 'deeply regrets' tax scandal; plans asset disposal as full-year profits fall

HSBC's chairman has said the bank "deeply regrets" the "unacceptable" practices within its Swiss private bank which allowed clients to avoid tax, and plans to sell off parts of the business following disappointing 2014 results.

In its full-year results, released today, HSBC reported pre-tax profit was 17% lower last year at $18.7bn (£12.1bn), compared with $22.6bn in 2013. The bank said this reflected lower business disposal and reclassification gains and the negative effect, on both revenue and costs, of significant items including fines, settlements, and UK customer redress. The disappointing numbers sent the bank's shares down almost 6% in morning trading. In a conference call for investors, chief executive Stuart Gulliver said HSBC is willing to dispose of more assets in an effort to cut costs and dri...