Investment Banking: Geoghegan moves
The news that HSBC’s chief executive, Michael Geoghegan, will move to Hong Kong has been greeted as further proof of the importance of Asia to the world’s top banking franchises.
year-on-year increase in Asia’s investment banking revenues
Geoghegan’s move is a natural step given HSBC’s roots in Hong Kong but it also underscores how Asia’s stock has risen among financial institutions as a potential source of profits in the immediate post-crisis future. Dealogic’s third-quarter figures for global investment banking revenues show that Asia was the only region that increased its total core revenues; the EMEA and Americas regions declined by 12% and 18% respectively, Asia’s 22% year-on-year increase meant that its overall share of global revenues grew from 13% to 18%.