"We deeply regret this situation and unreservedly apologize to our clients for this threat to their privacy, " said Alexandre Zeller, chief executive of HSBC Private Bank in Switzerland.

FORBES: Tax Avoidance

Arjuna Mahendran from HSBC Private bank said the most alarming part was the decline in exports from Japan to Europe as a slowdown in the latter hurt demand.

BBC: A worker in a Japanese factory

Last year French authorities said they had obtained a list of 3, 000 French clients with HSBC Private Bank, using sources that included the employee who is allegedly responsible for the 24, 000-account theft, Herve Falciani.

FORBES

According to a report in the Financial Times last February HSBC has been in advanced talks to move Chris Meares, the global head of its private bank, to Hong Kong from London.

FORBES