HSBC chair Stephen Green accepts job as trade minister

(Update) HSBC chairman Stephen Green has agreed to become minister for trade and investment from January.

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by Deborah Hyde on Sep 07, 2010 at 14:04

Les Ames, head of dealing at broker WH Ireland, thinks Green's 'level headedness' will have a calming effect in government.

'He will have a calming hand. He said a while ago bankers need to take greater responsibility for their actions,' Ames said, pointing out that Green will defend bankers' interests but will also admit where the banks did get it wrong.

Another analyst who asked not to be named said 'I have no idea what a trade minister does. But he is hard working, bright, has a huge breadth of knowledge, is articulate and has scruples. Surely not the stuff that our politicians are made of?'

There are other reasons why Green is so well respected in the City. Under Green's stewardship HSBC boosted its green credentials by donating hundreds of millions to environmental charities. Green is also well known for his own personal largesse.

David Buik, market analyst at BGC Partners, said : 'Stephen Green is a fantastic banker as well as being a fully paid up member of the human race. This is a great coup for the Cameron coalition. He is universally respected!'

HSBC shares were outperforming a weak banking sector, down just 0.8p at 662p as few think the bank will struggle to find a replacement for Green.

Buik said: 'HSBC is generally considered the best run bank in the world and it will have no difficulty attracting copious excellent candidates to be chairman.'

He also suggested that Green's appointment would reassure those worried that Britain remains one of the only countries in the world still considering whether to split up the banks.

'If Stephen Green is confirmed as a minister that may be very good for HSBC. He may be able to persuade the government not to be too draconian in its treatment of banks, forcing HSBC to head to Hong Kong or Sydney,' he said.

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7 comments so far. Why not have your say?

Sub-text here? None of Dave's MPs are suitable for such a position? There seems little point in electing MPs when unelected people are co-opted in this manner.

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traitor

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Most ministers and mps have no clue about their jobs, if they do why surround themselves with loads of advisers and consutants. Most mps are elected because either they can talk or they can bluff their through any thing. Most Ministers are appointed for loyalty to the party and the Prime minister. Civil servants run the country, the ministers are only there in name and agree to carry the can or take the praise. Take the present bunch of ministers only one or two are exprienced, even Cameron elected as leader because he can speak , he is handsome good at ridiculing last prime minister but no experience, oh! he is a PR man what else?

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Chairmen of many of the larger organisations such as HSBC have little more to commend them in the way of detailed knowledge than most ministers. He should do the job about as well or badly as any other they have available. Do not expect any genuine banking reforms you are unlikely to find anyone who has sufficient detailed knowledge, and certainly not at chairman level.

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I'm surprised at the above four negative comments!

It will be refreshing to have a man with such depth of relevant experience and see him create a robust and fair system.

Here's hoping.

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Agreed Philmo. In depth banking experience is what the Gov needs in making financial decisions - espec affecting Banking sector. Green had 28 yrs with HSBC so comments such as those by Keith above are quite wrong.

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Robert Eaton

Sep 08, 2010 at 10:53

I have to agree with Philmo and John Kenyon. Stephen Green has been an outstanding success throughout his very long career at HSBC. Those who know him will attest to his ability, knowledge and skill.

I wish him every possible success and good fortune, because it will benefit Britain!

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