Oct 12, 2017

HSBC: rock of ages

"Meet the new boss. Same as the old boss." On the face of it, The Who lyric applies to John Flint, the next chief executive of HSBC. Mr Flint was the tipsters' favourite, has worked for the Asia-focused bank for 28 years and even has the same surname as previous chairman Douglas Flint. His appointment marks an inflection point for HSBC. Riding shotgun to new board boss Mark Tucker, Mr Flint should help reorient HSBC towards growth. Achieving two out of three represents progress, particularly when the third mission is hereditary for HSBC bosses. Deposit-rich HSBC should be assisted by higher rates in the US and Hong Kong. Mr Gulliver will leave HSBC pointing the right way: into autocratic China, via the Pearl River.

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