…‘it is perfectly obvious they are more than just good friends’.
Since the financial crisis of 2008/2009 and the subsequent revelation of various misdeeds, money laundering, bad sales practices, dodgy private banking, for example, the reputation of HSBC has suffered.
US giants such as JPMC, enjoy huge domestic markets that are the heart of their businesses. HSBC is an orphan everywhere.
A Chinese friend asked me if HSBC would ever see its ‘glory days’ again, a reference to a time when local families gave board lots of HSBC shares to their children as sound long-term investments. Good question. No good answer. But there ought to be.