Stuart Gulliver

Andrew Hill

HSBC’s strategic overhaul is already heading for a place in the business school curriculum. This was, after all, the group that called itself “the world’s local bank” in its advertising campaigns and once relocated its chief executive to its traditional Asian hub in Hong Kong. But current, (firmly London-based) incumbent Stuart Gulliver has more modest international ambitions. Read more

John Gapper

Getty Images

As an old student of HSBC – or, as I prefer to call it, Hongkong and Shanghai Banking Corporation – I found Stuart Gulliver’s remarks about the inadequacy of its structure following the Mexico money laundering scandal fascinating.

HSBC’s chief executive told the Parliamentary Commission on Banking Standards on Wednesday:

“Our structure was not fit for purpose for a modern world. Our geographic footprint became very attractive to transnational criminal organisations, whether they are terrorist in origin or criminal in origin.”

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