Stephen green made a presentation to analysts on Friday, 23 November. For the first time Green admitted that Household International had been an essentially disastrous acquisition for HSBC, that not all other diversifications had been successful, and that total shareholder return had underperformed peers. Household International is now called HSBC Finance, and HSBC previously said it would keep the HFC and Beneficial Finance brands. Now HSBC is rethinking that logic. HSBC Finance also has credit card operations, auto financing, and owned now-defunct Decision One Mortgage.

Mr Green offered little of new importance other than to say HSBC would get out of markets where it didn’t have a competitive advantage. He offered no knews about ongoing cutbacks at HFC and Benefical branches in the United States. Finally admitting that Household International had been a disasterous acquisition may have been a concession to activist Knight-Vinke. Reports from U.S. activist Household – HSBC Watch, published from 2003 through the present, appear to support Green’s conclusion.