HSBC’s CEO will move to Hong Kong
As the world cautiously emerges from the biggest economic crisis in decades, one of Europe’s truly global operations, HSBC, has decided on a dramatic move: relocating its CEO, Michael Geoghegan from London to Hong Kong. The $200-billion leviathan’s chairman, Stephen Green downplayed the significance of the move, rejecting insinuations the company might be moving back where it started in 1865 as the Hong Kong and Shanghai Banking Corporation. The company moved to London in 1992 for tax reasons. Green did allow for Hong Kong to become equally strategically important as London’s HQ. However, don’t be surprised if HSBC swaps the European saturated air for China’s promised land sometime soon.