Stuart Gulliver’s final set of results at HSBC Holdings Plc weren’t quite the swansong he’d hoped for as he hands the reins over to his long-term lieutenant, John Flint.
As U.S. banks were tallying up the billions of dollars in extra profits they'll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to go up.
It’s too soon to gauge the true impact of recent tax cuts on loan demand, but anecdotes from bankers suggest that, after months of stagnation, pipelines are filling up again.
Allison Dukes will succeed current CFO Aleem Gillani when he retires at the end of this quarter, while Mark Chancy and Beau Cummins will become co-chief operating officers immediately.
Turmoil at the Export-Import Bank, a possible trade war with China and a potential retreat from the North American Free Trade Agreement all add up to high anxiety for bankers in the business of financing U.S. exports.
