HSBC, with its resolutely understated culture, is not a bank given to showy gestures, but it has pulled off quite a coup this month by hiring John Studzinski of Morgan Stanley.

This time last year, HSBC was struggling to convince its own staff and outside observers that it was really serious about being in the investment banking business. It had suffered a wave of bad publicity as a result of a badly handled bonus policy in the equities division and morale throughout the rest of the investment banking division was hit.