Monday, October 5, 2009

A bear at the top of HSBC

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 (1522 views)
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3 thoughts on “A bear at the top of HSBC

  • happy mondays says:

    I shall keep my fingers crossed 🙂

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  • mark wadsworth says:

    Tee hee! This puts the whole “HSBC to offer 90% mortgages for 1.99% interest” stories into perspective…

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  • 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 ?

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