We’re going to see the usual conflation of numbers here:
At its height, HSBC’s secretive Swiss arm hid a total of $120bn (£78bn) in assets.
Yep, the bank had £120 billion in assets (umm, actually, from the bank’s point of view, liabilities).
Yep, the bank aided in tax dodging, to put it mildly (although it mostly seems to have obeyed Swiss law, which is the law it needs to obey).
So, obviously, everyone is going to start shouting that tax was avoided in £120 billion.
Which ain’t true at all. Bonus points to the first person to spot that £120 billion claim in the wild.