Letter: HSBC sense

AS A retired bank chief executive, I was mightily relieved to see that HSBC managed to sort out its succession without recourse to the appointment of yet another investment banker in the top role.

There is absolutely no doubt in my mind that such individuals, no matter how talented they may be in their chosen milieu, are utterly inappropriate to run major banking institutions whose primary focus is to accept deposits from the general public.

The kind of culture that is then permeated through the organisation is seriously inimical to good governance and commercial banking practice.

I was delighted to hear also that Sir John Vickers' early findings suggest that it might be possible to consider breaking up the banks and creating separate investment banking operations and separate "business as usual" commercial banking operations. I do hope that happens.

If it does not, we will be facing more problems down the road where the public purse will require to bail out banking institutions yet again.

John R Wright

Ednam

Near Kelso