The City of London as the financial centre of global markets has been in terminal decline since 2008. Over-regulation and bureaucracy has doomed it. To restore the UK’s excellence and swashbuckling success in financial markets, we need to embrace risk – not regulate it out the equation.
HSBC is being pilloried for comments made by its’ ESG head, but what he said is worthy of consideration. Overly emotional ESG is a distortion that may be as dangerous as climate change denial.
Calls to break up HSBC to realise the value of its Asian franchise are a critical moment for the bank as it pays the costs of being too big, too bureaucratic and for the inability of management to spot its critical weakness…..
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