Lisa McGeough’s Post

Good evening, everyone. Today I move to a critical element of leadership; accepting that your table is the final bus stop. As the leader, you are responsible for the failure or success of your organisation or department. The buck stops on your table. Look no further. You are responsible for people (attrition, staff engagement, morale), image of the entity or reputation. Look to no other person. It is your job! Sadly, this time proven attribute is fast disappearing. The market place today is full of self-focussed transactional leaders. My early days in banking, we unconsciously mirrored the attitude, appearance, courage, boldness (more like daring), doggedness and empathy modelled by our bosses. They did not need culture lectures; we experienced it because they led from the front and we strove to attain it. Today, we have lily livered senior officers who do not understand they are solution providers because they wait for directives at every turn. Trust is totally eroded. You are not sure your boss has your back, so you lose initiative totally. If you have timid staff, watch how you address them, if you have lazy staff, watch your work ethics, if integrity is lacking, remember your dealings with clients and regulators. You are only modelling “what is permissible” to them. What you sow, you reap! Your people, environment and culture are your reflection, look no further.   Many years ago, after a merger process, I was sent to head a region of the bank I worked. That year, the bank made over N20bn profit. We were salivating for the bonus because historically, our Management was very generous. However, new people had joined with the merger. Somehow EXCO was convinced that the loss-making regions should not be paid anything because they were laggards. Despite being a head office staff posted to the region, I was paid N100k bonus and that was because I scored A in appraisal. Entry level staff in Head Office received over N400k. I protested but to avoid being labelled partial, my boss asked for the opinion of other regional advisers and they insisted that everyone should “bear their cross”. That was the end of a unified legal department. We had a software where everyone dropped their challenges and people will offer solutions based on their experience. It accelerated service delivery and assured quality. I was very active on that platform, but from the day I was told to stay with my region, I no longer had any contributions. Few weeks later, my boss noticed I was silent on the platform and asked why. My simple answer was that I went out with my people on recovery drive since my lot was tied to them! It was too late to correct it, the unity was destroyed. Watch it, you make or mar your organisation. See you next week. If you were in banking in 2004, you should be able to name my MD from my picture below.

HSBC chief executive unexpectedly steps down HSBC has announced that its group chief executive, Noel Quinn is retiring after nearly five years in the role. Europe's largest bank says it is in the process of finding a successor for Mr Quinn, who will stay in the role until a new chief executive is named. HSBC is considering candidates from both inside and outside the firm. It comes as the UK-based lender reported a 1.8% drop in profit for the first three months of 2024, compared to the same time last year. The company said that its pre-tax profit for the period came in at $12.7bn (£10bn), which was a little better than expected by market analysts. “After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Mr Quinn said. Mr Quinn, who has worked at HSBC for 37 years, was first appointed as its chief executive on an interim basis in 2019, after his predecessor John Flint was ousted from the role. Along with its quarterly results, the bank announced an interim payout to investors of $0.10 per share and said it would buy back up to $3bn of its shares. HSBC recently completed the sale of its operations in Canada and announced plans to do the same with its business in Argentina. The sales are part of efforts by the London-based bank to focus more on faster-growing markets in Asia. #hsbc #hongkong #investmentbanking

The World's Local Bank: HSBC. All great global brands are also great local brands. HSBC has for years run with that idea in itsmarketing and brand positioning. Watch the latest episode of "Q&A with John A. Quelch" and please add your comments about HSBC’s strategy. #HSBC #Banking #Branding #Marketing #Global #Local

Timing is critical if you’re looking to sell your business. But how can you take timing out of the equation? And is there really ever a right time to sell? Join leading industry and HSBC experts, as they answer business owners' most burning questions in relation to managing timing risk pre and during an exit. Watch the opening chapter of “Is Timing Everything?” at: https://grp.hsbc/6047eR0RW #BeyondBusinessOwnership #BusinessExit #ExitStrategy #PrivateBanking (For UK audiences only)

Timing is critical if you’re looking to sell your business. But how can you take timing out of the equation? And is there really ever a right time to sell? Join leading industry and HSBC experts, as they answer business owners' most burning questions in relation to managing timing risk pre and during an exit. Watch the opening chapter of “Is Timing Everything?” at: https://grp.hsbc/6047eDcnT #BeyondBusinessOwnership #BusinessExit #ExitStrategy #PrivateBanking (For UK audiences only)

Timing is critical if you’re looking to sell your business. But how can you take timing out of the equation? And is there really ever a right time to sell? Join leading industry and HSBC experts, as they answer business owners' most burning questions in relation to managing timing risk pre and during an exit. Watch the opening chapter of “Is Timing Everything?” at: https://grp.hsbc/6044eRi3Q #BeyondBusinessOwnership #BusinessExit #ExitStrategy #PrivateBanking (For UK audiences only)

Timing is critical if you’re looking to sell your business. But how can you take timing out of the equation? And is there really ever a right time to sell? Join leading industry and HSBC experts, as they answer business owners' most burning questions in relation to managing timing risk pre and during an exit. Watch the opening chapter of “Is Timing Everything?” at: https://grp.hsbc/6043gX715 #BeyondBusinessOwnership #BusinessExit #ExitStrategy #PrivateBanking (For UK audiences only)

It’s Groundhog Day… Anyone who has worked for HSBC for any length of time will be forgiven for thinking that they keep going back in time. It all starts following recent record revenues, but alas, lower interest rates are forecast to drive lower profits.   The strategic response is to up the focus on Wealth Management revenue which is less sensitive to interest rates compared to lending or savings. Do this by relaunching the Premier Wealth Management proposition, for the umpteenth time. As part of the relaunch, recruit a cadre of new Financial Advisors. This is despite several previous redundancy programmes due to the customer behavioural shift to self-managed digital wealth options such as Vanguard. Also, the sheer cost of providing financial advice, which ultimately has to be passed on to the customer, adversely impacts investment returns. Cost is why Banks choose to close branches. Meanwhile, a new CEO comes in and motivates everyone by announcing a raft of senior management and middle management redundancies that will save a tiny fraction of the total cost base. The sting here is that the people leaving were busy doing good stuff, so who is going to pick up their work…you guessed it, the ‘lucky’ ones who stay. If only the revised global business line structure would take the work away…. it won’t!! Forgive the sarcasm, but if it was all that easy, it would have been tried before….and in fact, it has, several times over. As Bill Murray said to Angela Paton: “Do you ever have deja vu, Mrs. Lancaster?” Mrs. Lancaster: “I don’t think so, but I could check with the kitchen.”

Citigroup's investment banking division is undergoing a transformation with recent leadership changes and strategic realignments, challenging the traditional American centricity of the institution. The appointment of Vis Raghavan as global banking head, along with other key leadership moves, signifies a significant power shift and raises concerns about compensation, talent retention, and cultural shifts. With CEO Jane Fraser leading a broader strategic overhaul, senior bankers face tough decisions about their future under the new regime. The next few months will be critical for Citi's banking franchise as they navigate organizational upheaval and strive to retain key talent while maintaining market momentum. #Citigroup #banking #leadershiptransition #talentretention #compensationconcerns #organizationalupheaval #strategicoverhaul #bankingfranchise #industryimplications https://lnkd.in/gyH_BvaE

🔄 Major restructuring announced at HSBC today as CEO Georges Elhedery unveils plans to reorganize the bank into four key divisions, splitting operations between eastern and western markets. The creation of a unified corporate and institutional banking division under Michael Roberts signals a significant shift in how the banking giant will serve its global clients. This comes alongside the historic appointment of Pam Kaur as the bank's first female #CFO. What caught The Global Treasurer's attention is how this restructuring appears to navigate the growing complexities of East-West relations while maintaining HSBC's unique position as a global banking bridge. The Financial Times reports a targeted $300M in cost savings, but the real story here is about adapting to an increasingly fragmented global financial landscape. Key changes: ➡ Four new divisions: Hong Kong, UK, Corporate & Institutional Banking, and International Wealth ➡New geographic split between eastern and western markets ➡Executive committee reduced from 18 to 12 members ➡Strategic Clients Group created under Greg Guyett Implementation starts January 1, 2024. This could set a precedent for how global banks balance regional autonomy with integrated international services. #Banking #GlobalFinance #Leadership #FinancialServices #HSBC