What lies beneath

A companion piece to the Dancing with the Stars blog below about Bernie....

Thanks to an additional piece of info from a WealthBriefing article, we get some insight into high level politics and hiring at HSBC Private Bank and in general.

My original source of Bernie's promotion came from Reuters.....a few lines, nothing very telling. But WealthBriefing had an additional nugget:

Bernie, the "new global head of Private Wealth Solutions........formerly been led by Declan Sheehan since 2006. Mr Sheehan is moving to concentrate exclusively on his regional role as chief executive of HSBC Private Bank in the UK & Channel Islands"

Declan was (I believe, originally a bond guy who made it big) in Asia with private banking at JP Morgan in Hong Kong until he was replaced by Debra T, the "Terminator". Some say he burned out and quit, some say he was ousted. This was JP-Chase merger time afterall.

So Declan moves to HBSC where he not only oversees UK & Channel Islands but also the Private Wealth Solutions Group (the global trust business). Now you take the trust business away from his portfolio. There are only 2 reasons top execs give up a piece of the pie: either is when it is taken away from you or it is a losing proposition that is cancerous to your CV and you unload to some unsuspecting schmuck.

Sure there could be something brewing in the UK that required his undivided attention but reality is that he would have channelled his people and resources accordingly to ensure he could do both. You delegate. You do not discard.

Anyone who gives up a business line/division for "the better good of the organisation" or to step aside for some highflyer is simply committing career suicide as it erodes your power base and bargaining power. From where I sit, Declan won't ever rise beyond his current position at HSBC, if indeed he is able to retain it for much longer.

So, because of Declan's undoing, Bernie gets to fill the vaccuum.

Whether Bernie is deserving or not, is a matter for another day....afterall, there are only 2 reasons why very senior people get promoted.

Tip for Job Hunters

A friend passed this gem along. From "a specialist offshore recruitment and temping agency offering Accounting, Legal, Insurance and IT Jobs:


Trust Administration � Hong Kong � ACTUAL LIVE POSITION. Very good salary and career path.
Post Date: 11 Jun 09
This is a real position that is being recruited for right now. Our client is a major name in the trust and banking world, and their Hong Kong office is looking to add an experienced Trust and Corporate Services Administrator to their growing team.

This is a real, live role that they are interviewing for now."


So does this mean all the other jobs this recruiter posts are either not "live" or "real" or for the living unless otherwise specified???

Dancing with the Stars

"HSBC Private Bank has named Bernie global chief of private wealth solutions, its trust and estate planning service, Forbes said, citing a Reuters report."

When you become big enough, there will always be gossip, innuendos and savory (and unsavory) stories circulating about you. I particularly like the song and dance jokes about Bernie......hey if you can't dance then your days at HSBC Private Bank Asia are numbered (There was a court case case concerning dancing lessons for the HSBC PB Head a while back...Google it for a laugh)

Can't speak about his other talents, but I will go on record as saying he is a borderline intolerable speaker. Now he can inflict pain and suffering to audiences not just in Asia but around world!

My advice to you Bernie, as you move up.....Just shut up and dance!

Faith No More

Not a trust or even banking topic today.

The bankruptcy of General Motors marks an important chapter in world history.

To many, GM is just another in the growing number of big corporate failures. Huge numbers, but we're numbed already........$2 billion here, $40 billion there, have heard it all before.

To most people in Asia, GM was just another big American company. Most have never owned a GM product. At best, lusted after some icons like Cadillac or Corvette. Far fewer ever have ever dealt in GM stocks in their portfolios. So what's the big deal?

To me, GM will have a bigger social and economic ripple than anything before it. Now, in my lifetime (being a mere lad of 25 mind you!), I have seen some great icons fail. As shocking as it was, names like Barings, Arthur Andersen, Lehman Brothers, Bear Sterns, etc. were not that tangible to the average man and woman on the street, even in downtown Manhattan let alone across the world. Those companies, and those wounded like Fannie Mae, Citigroup, Bank of America, UBS, HSBC, RBS, AIA, Northern Rock, etc., have effected the economy and mood, but it didn't hit the average home so to speak. Just sectors, just regional, just headlines. The world kept turning.

Why is GM different? This isn't just Detroit or Wall Street. This is Main Street, USA. There is a GM dealership in every virtually neighbourhood. Go to any American and 3 out of 10 (guesstimate on my part) will be owning GM cars, working in GM cars and trucks, or are directly working for GM and or one of their supply chain companies. This one will make every American reflect.

GM will be the watershed, the turning point, where the average American finally says: "we're really mailto:&$X*&!@ up". The straw that broke the camel's back. This one hit home. This is humble pie.

Nothing shakes up the world order like angry, embarassed, gung-ho, dumbass Americans. Not that they'll do anything right, but they'll be doing something. Got to pay off all that Chinese debt right?