Whilst several banks have been hit and buffered by the storms of the credit
crisis, with a few sinking with loss of jobs, there are one or two banks that
have been sailing through this storm with determination and focus.
A few were derided when the storm set in,
such as Citi who I mentioned last
week in relation to Sovereign Wealth Funds. Those banks now look positively
healthy compared to others.
They were willing to bite the bullet first and announce negative news,
such as requirements for recapitalisation and write-offs, before
One of those banks was HSBC.