HSBC poised to make legal move to reoccupy Central HQ space
We hear that at long last HSBC has decided to bite the bullet and take steps to get the 'Occupy Central' movement to stop occupying the space under the bank's Queens Road headquarters. We understand the bank is poised any day now to go to court for a summons to repossess the area.
This land belongs to the bank, though it was designated a passageway in 1983. This means people have the right to walk through the area but not to pitch a tent. Once a summons is issued, a bailiff will be appointed and he will inspect the site and ask the occupants to leave by a certain time. If they don't comply, he returns - no doubt accompanied by a contingent of Asia's Finest to see that the summons is complied with.
Many people would say: 'not before time'. Hong Kong's Occupy movement has not added much to the debate about excess salary and bonus payments in the finance industry, which is what triggered the movement globally. It could have localised the issue and drawn attention to the eye-watering salaries and emoluments that some of Hong Kong's corporate leaders command while comparing these to the median monthly income of Hong Kong people, which at the end of last year stood at a princely HK$11,000. Maybe they could reoccupy it later when they have something useful to say.
The plums of restructuring
There's more movement in the financial corporate communications sector. Adam Harper, who was caught up in the restructuring at Credit Suisse, has been a beneficiary of the restructuring at HSBC. CEO Stuart Gulliver's new broom has opened up a new position and Harper will be in charge of communications for global banking and markets. Meanwhile, insurance company AIA has finally filled what is considered by the industry as a plum position. That is, the head of corporate communications slot that became vacant some six months ago when Paul Scanlon left after a surprisingly short spell with the firm. The new man is Stephen Thomas, who used to head Citi's communications for its China operations. This leaves just one plum position to be filled over at JPMorgan which is still vacant following Matthew McGrath's departure some months ago.
Flying on empty