HSBC reports profit despite scandal

The chief executive of HSBC, Stuart Gulliver, apologised for "the mistakes of the past" as his firm announced a sharp rise in profits.

The bank made pre-tax profits for the first six months of 2012 of $12.7bn , up 11% on last year.

His apology came after last week's report by the US Senate revealed the bank allowed billions of dollars in cash to be laundered by Mexican drug gangs.

Charlie Parker from Citywire told the BBC, "they need to re-build their reputation".

  • Published
  • Section
    BBC News