HSBC takes baby steps

Global banking giant HSBC has unveiled an extremely cautious strategic update. Shareholders wanted a bit more spice, says Alice Gråhns.

900_MW_P08_Shares_Main

John Flint: playing it safe
(Image credit: © 2016 Bloomberg Finance LP)

Iain Duncan Smith, the "quiet man'" who once led the Tories, "was famously lampooned when he pledged to turn up the volume' during a tactical reboot", says Christopher Thompson on Breakingviews. Nobody will be chortling about HSBC's new CEO John Flint shooting for the moon. In his first strategic update this week, he promised to invest up to $17bn by 2020 on technology and expanding in China provided the bank's revenue rises faster than costs.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Alice grew up in Stockholm and studied at the University of the Arts London, where she gained a first-class BA in Journalism. She has written for several publications in Stockholm and London, and joined MoneyWeek in 2017.