Former HSBC chief to step down from lobby group

Staff Writer
Columbus CEO

LONDON (AP) — The former chairman of HSBC, Britain's biggest bank, is leaving a group that lobbies for the financial services industry amid political fallout from allegations that the bank helped wealthy clients evade taxes.

Stephen Green resigned as chairman of TheCityUK's advisory council Saturday after leaked documents showed that HSBC's Swiss private bank in some cases facilitated illegal activities. Green, who became a government trade minister after he left HSBC, has declined to comment.

His resignation from TheCityUK comes after a week in which the tax scandal took on decidedly political overtones. The opposition Labour Party has pressed the government to explain whether Green was asked about the tax issue before he became a minister.

The lobby group says Green left because he "doesn't want to damage the effectiveness of TheCityUK."