Tech Deck Tricks: HSBC CEO, Who Does Not Use Burner Phones In China, Says Hes Still Confident In Worlds Second Biggest Economy

Noel Quinn, CEO, HSBC HSBC -0.30% Some of the world's biggest consulting firms have asked their employees to use Burner phones, he said , bringing his own technology device to Hong Kong.

The veteran banker, who previously ran HSBC's Asia-Pacific division from its Hong Kong office, dismissed suggestions he could use the hotline during a visit to the Chinese-controlled territory, believed to be the world's second-largest economy.

"I guarantee, I'll take two phones, two iPads and a laptop to Hong Kong and China," Quinn said at the Financial Times Global Banking conference in London on Wednesday. "Of course I didn't answer the fire call. I take my phone, iPad and laptop everywhere I go."

Quinn's comments followed a report by the Financial Times that staff from consultants including Deloitte and KPMG were advised to use mobile phones during visits to Hong Kong, indicating growing concerns about doing business in the city-state.

On the other hand, the head of the London-based bank, which was founded in Hong Kong in 1865, said that despite the challenges China is facing, it remains "very open" for business and is "optimistic about the state of the global economy". Face to face. . . This is the situation we have faced since the beginning of covid-19.

Rejecting the claim that the world is in the process of globalization, they argue that the world is in the process of "re-globalization" when developed countries are moving to a new development model.

Quinn rejected the suggestion that political interference from the Chinese government could play a role in plans by insurance giant Ping An 601318, HSBC's largest shareholder. -1.57% , to break up the bank's operations in Asia. "It was a business decision," Quinn said.

In its third-quarter results, HSBC reported a 139 percent rise in profits, mainly due to a 20 percent increase in Hong Kong and China, although the bank recorded a $1.1 billion China-related impairment charge, including losses. Price. in the amount of 500 million dollars. - Down. Commercial real estate activity in China.

Quinn said he believes the downturn in China's commercial real estate market has now bottomed out, but that the broader "economic effects" of the downturn are now "boosting China's economy."

He pointed out that HSBC continues to expand in China, the world's second-largest economy, as it continues to expand, seeing a glut of assets in China's first-tier cities, Shanghai and Beijing, as well as tier 3 and tier 4 cities. . . Level: City

The head of HSBC said he prefers a more "balanced" approach, the United Kingdom's Minister for Municipal Affairs, Bim Afolami, said on Tuesday that the United Kingdom government is looking to simplify regulations to stimulate "animal spirits" bankers.

The Minister of Municipal Affairs of the United Kingdom has stated in his speech that he intends to introduce a risk-based approach to the financial regulatory authorities of Great Britain with the aim of encouraging the growth of the country's economy. "It doesn't make sense to have a very secure cemetery," Afolami said.

However, Quinn said that while the prudential regulator supported the bank's decision to lift the bonus cap, it "doesn't support scrapping it alone" because shareholders appreciated the company's frequent exits due to the bank's rapid growth.

"The most important thing in running a financial services organization is maintaining the trust of our stakeholders," Quinn said. “It would be much better if we had a balanced growth trajectory. I don't think we should use bonus cap removal for more risk.