HSBC’s Ups and Downs Under CEO Gulliver
Stuart Gulliver, the departing chief executive officer of HSBC Holdings Plc, has seen ups and downs during his seven-year stint leading Europe’s biggest bank. The lender took an initial hit in December 2012 after agreeing to pay a $1.9 billion penalty for helping Mexican drug cartels launder money and breaching international sanctions on Iran. However, shares in Hong Kong trading have gained more than 60 percent since its first buyback was announced in 2016. Gulliver’s tenure ends with a rare failure to live up to analysts’ estimates as fourth-quarter loan margins narrowed and the bank booked loan charges related to two clients.