Placing balance sheet management inside HSBC’s global banking and markets division presents Stuart Gulliver with a rather odd problem.
Last year the activity brought in revenue of $5.4 billion, up from $3.6 billion in 2008 and $1.2 billion in 2007. It is by far the biggest revenue line among the 13 separate businesses that HSBC reports inside global banking and markets. Gulliver now has to explain to shareholders why a decline in revenues in the next couple of years at his most profitable division will be a sign that he is doing a good job.
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