How the world re-balances itself. The news this morning that Michael Geoghegan, chief executive of HSBC, is to move to Hong Kong, leaving the bank to be represented in London by Stephen Green, its chairman, reminded me of why HSBC put its chief executive in London in the first place.
HSBC, of course, once rejoiced in its full name – the Hong Kong and Shanghai Banking Corporation – which I regret that it dropped since it was one of the great names in finance. When it took over Midland Bank in 1992, it was told by the Bank of England that it had to move its headquarters to London. Read more