There was no fanfare or press release. Instead, HSBC last week posted a photo on the social media platform WeChat of its top executive in Asia signing a petition in support of Beijing’s new security law for Hong Kong.
The act compromised more than a century of careful neutrality in which HSBC has worked hard to maintain balanced relationships with governments in the west and the east.
With $2.7tn of assets and 235,000 employees across 64 countries, HSBC is facing one of the most testing periods in its 155-year history. Rising geopolitical tensions between China and the US and the UK have forced the bank to pick sides.
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