HSBC boss warns of second global economic downturn

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	HSBC boss warns of second global economic downturn

JICWyllie

10-5-2009 11:08 AM

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tags:

1-recession, 1-strategy, 2-increase, 2-risks, 3-forecast, 4-uk

JICWyllie says:

Good strategy: We are the safe bank. We've learned not to be excess risk takers.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/144988cc-f260-4f62-ab70-893adb64a2cb/6FB9C172-37D8-4E7A-AFF6-5945270BB2F1/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html" href="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html" style="font-size: 11px;">www.dailymail.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>The chief executive of Britain's biggest bank has warned of a second global financial crisis.<BR /></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>HSBC boss Michael Geoghegan said he had delayed expansion plans at the bank because of fears about 'growing too fast' before the recovery had fully taken hold.<BR /></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.dailymail.co.uk/img/4404B53B-7803-4545-8A4C-6411A7237CA6" alt=" The HSBC headquarters at Canary Wharf. The bank has shelved expansion plans amid fears the global economic recession is not over" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>'Is this a V recovery or a W? I think it's the latter. If I'm right, we have to be very careful we don't grow the balance sheet so far before the recovery has come only to write it back into the impairment line later on.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>He added: 'I'm not as convinced we're through the worst as others are.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>Nani Beccalli, head of GE International which runs the conglomerate's businesses outside the U.S., said that talk of governments preparing exit strategies for bail-out schemes was 'premature'.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dailymail.co.uk/news/article-1218183/HSBC-boss-Michael-Geoghegan-warns-second-economic-downturn.html"><P>Policymakers face the dilemma of when to withdraw fiscal stimulus packages. If they act too soon, it could cause a 'double-dip' recession, but if they act too late it could spark the return of inflation.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6FB9C172-37D8-4E7A-AFF6-5945270BB2F1/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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