Monday, Oct 05, 2009
A bear at the top of HSBC
Financial Times: HSBC chief fears a second downturn
Michael Geoghegan, chief executive of HSBC, is so convinced there will be a second downturn in the coming months that he plans to delay any rush to expand the bank. “Is this a V recovery or a W?” Mr Geoghegan asked in an interview with the FT. “[I think] it’s the latter. [If I’m right], we have to be very careful we don’t grow the balance sheet so far before the recovery has come only to write it back into the impairment line later on. I’m cautious about growing too fast.”
Posted by wanderinman @ 12:25 AM (1171 views) Add Comment
3 Comments
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1. happy mondays said...
I shall keep my fingers crossed :)
2. mark wadsworth said...
Tee hee! This puts the whole "HSBC to offer 90% mortgages for 1.99% interest" stories into perspective...
3. str 2007 said...
Interesting though that they even offered that mortgage if that is what the Chief Exec thinks.
Or is he just talking about the economy and knows the housing bubble will be kept alive ?