Simon English: In the surreal place called Planet Banker, those in charge are never to blame
The bank's leadership insist that HSBC's issues are a matter of structure rather than culture
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Welcome to Planet Banker, a surreal place where a seeming lack of oxygen seems to affect the eye-sight and hearing of the inhabitants.
Yesterday's conference call with HSBC to discuss their latest extraordinary disasters – half year results, they prefer – took place on this curious planet, a place that gets stranger by the week.
On Planet Banker accidents happen, mistakes even. But they never directly involve the people in charge. The directors express deep regret and say that they are taking full responsibility, but somehow can't see that this is a far cry from actually taking it.
The participants on the call were a bunch of hacks straining to hide their incredulity at what was being said and a bunch of HSBC executives who genuinely seemed to imagine that they were giving frank replies to rather mean questions.
Why are we going on about that cocaine money-laundering thing when their continued capital strength is such a source of reassurance?
That Libor scandal is not to be discussed. We've said all we can. Now about the 12 per cent rise in commercial banking revenues... They did touch on the various scandals, but it seemed to think these things had happened at some other company, with them mere innocent bystanders.
"The banking industry is operating in a hostile climate," said the chairman Douglas Flint, as if HSBC had nothing to do with creating public and political anger at the sector. The bank's leadership – Flint and chief executive Stuart Gulliver – insist that HSBC's issues are a matter of structure rather than culture.
Would his own bonus be affected by the money-laundering fiasco, Gulliver was asked. He pushed back: "That's a matter for the remuneration committee," which sounds very like "no, why should it?"
"We get it," insisted Gulliver, sounding for all the world like a man who does not.
comment simon english
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments