Gulliver argues that HSBC is expanding from a position of strength: in the past two years he said there has been a “step change” in the economics of the division after it took advantage of its relative strength and dislocation among its competitors.

One of the few wholesale banking divisions not to have made a loss through the crisis of the past three years, the average six-month revenue run rate over the past 18 months has been $10.9bn, an increase of 62% over the average run rate of $6.7bn over the previous four years.