London - Scandal-hit HSBC reported a 17% slump in annual profit on Monday as it defended its chief executive's use of a Swiss bank account to save large bonuses.
The bank said its pre-tax profit fell to $18.7bn in 2014 after a "challenging year," down from $22.6bn in 2013.
"Profits disappointed, although a tough fourth quarter masked some of the progress made over the preceding three quarters," said Stuart Gulliver, HSBC's chief executive.