International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
The group chairman of HSBC Holding, Green is connected to several political and business hotshots across the world.
March 22, 2009 4:44 by Aarti Nagraj
Stephen Green is the group chairman of HSBC Holding, and according to his bio, he’s an ordained Anglican priest. He served as the CEO of HSBC Holdings till 2006 and currently, is also the chairman of the British Bankers’ Association and a member of the Prime Minister’s Business Council for Britain.
Earlier this month, HSBC reported a 70 percent downturn in net profits due to bad debts amounting to almost $25 billion. The bank’s net profit for 2008 was around $5.7 billion, as compared to around $19 billion in 2007.
“In this difficult environment, we missed our profitability targets,” said Green in the group’s earnings statement.
“The coming 12 months will be difficult. We expect parts of Asia, the Middle East and Latin America to continue to outperform Western economies, but to be constrained by the global downturn.”
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