HSBC has reported a 17% drop in profit to $18.7 billion for 2014.

The bank has said 2014 was a “challenging year” and blamed the negative effect of fines and settlements and UK customer redress for the sharp drop.

The results follow allegations, which emerged earlier this month, that HSBC had helped people evade UK tax using hidden HSBC accounts in Geneva.

HSBC CEO Stuart Gulliver saw his overall pay for the year fall to £7.6 million ($11.7 million) from £8.03 million ($12.3 million) in 2013.

On Monday, HSBC reiterated its recent apology for the conduct of its Swiss private bank, saying the historical practices and behavior were “unacceptable”.

“We deeply regret and apologize for the conduct and compliance failures highlighted, which were in contravention of our own policies, as well as expectations of us,” it said.

HSBC said restoration of trust in the industry “remains a significant challenge as further misdeeds are uncovered but it is a challenge we must meet successfully”.

“When commentators extrapolate instances of control failure or individual misconduct to question the culture of the firm, it strikes painfully at the heart of our identity,” it added.

The revelations come after Stuart Gulliver himself was dragged into the Swiss tax furor on February 22, with HSBC confirming he uses a Swiss bank account to hold his bonuses.

HSBC said he opened the account in 1998 when he was living and working in Hong Kong and full tax was paid in Hong Kong on the bonus payments.

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