HSBC: New boys face early tests

HSBC has been transformed in the last seven years under the leadership of chief executive Stuart Gulliver and former chairman Douglas Flint. Those two veterans of the group took on its leadership in 2011 and overhauled a sprawling collection of separate banking franchises that previous management had rapidly accumulated in the years before the financial crisis. 

HSBC had become too complex to manage, as became painfully clear in 2012 with the US Senate Permanent Subcommittee on Investigations’ report into its banking of Mexican drug cartels.