Times defends HSBC profits

02 March 2004
In an editorial today, the Times has defended HSBC's record profits, commenting that 'those who like to believe that the 'worlds local bank' is code for 'exploit people everywhere' are wrong.'

Pointing out that HSBC's 'prudence helped it to weather the downturn better than many of its more aggressive rivals,' the editorial says that HSBC should focus more in America in order to continue growing.

The paper also suggests that the success of HSBC provides evidence for the positive effects of globalisation, noting that its success is a reward for its faith in the citizens of the developing world.