Banking & Finance

News about the global financial industry with a focus on developments in Hong Kong and China.

The HSBC headquarters in London’s Canary Wharf financial district. It was reported midweek that the bank was reviewing the memo under its formal whistle-blowing protocol. Photo: Reuters

Memo calls out ‘failure of leadership’ in HSBC’s investment bank

A leaked memorandum purportedly written by unnamed HSBC executives has called out its investment banking division, saying there is an “utter failure of leadership” in the business and that senior executives have “failed to create a successful strategy”.