HSBC’s Embracing of the ‘Retreat of Globalisation’: The Potential Effects of a Controversial Track Record
In covering the continuing release of the annual results of the leading U.K.-based banks, the business press turned their attention towards HSBC as it began the week of financial reports , with Lloyds due on Wednesday, Barclays Thursday, and RBS and Standard Chartered both on Friday. Although there is plenty of analysis to be had regarding the 62% reduction in profits , this short post will focus on a particular line contained within an interview with the Chief Executive of the Bank, Stuart Gulliver. Speaking of the risks posed to the bank moving forward , he stated that ‘if Globalisation continues to retreat, as seems likely, we are in a strong position to capitalise on the regional opportunities that this will present, particularly in Asia and Europe’. The question for this post is this: ‘what standards, and what culture, will HSBC be bringing to these regions when it seeks to capitalise upon the retreat of Globalisation?’ When looking at the Bank’s recent record, particularly whe...