It is rare for a banker of Michael SmithÆs stature to resign from HSBC, so when news broke yesterday that Smith will leave his post as president and chief executive officer for HSBC in Asia, the Hong Kong banking community was in shock. Smith has been poached by AustraliaÆs ANZ Bank to replace retiring chief executive officer John McFarlane on October 1.
Smith has been with HSBC for 29 years and not only runs HSBC in Asia but is also global head of commercial banking for the group and chairman of Hang Seng Bank. That puts him in charge of 60,000 staff and around $500 billion in...
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