HSBC North America will get another new leader. Going through them like foreclosures in a subprime neighborhood, there is no telling how long this one will last. John Lawson Thornton will join HSBC’s board of directors as a non-executive director. Thornton, who was president and co-chief operating officer at U.S. investment bank Goldman Sachs from 1999 to 2003, will take over as chairman of HSBC North America, which includes units hit by billions of dollars in bad home loans in the past two years. At the heart of the problem is HSBC Finance, formerly known as predatory lender Household International.
Mr. Thornton retired as President and Co-Chief Operating Officer of The Goldman Sachs Group, Inc. on June 30, 2003. Mr. Thornton was appointed to that post in 1999 and formerly served as Chairman of Goldman Sachs - Asia from 1996 to 1998. He was previously Co-Chief Executive of Goldman Sachs International, the firm’s business in Europe, the Middle East, and Africa. He also is the Chairman of the Board of Trustees of the Brookings Institution.
As impressive as Thornton’s bio is to some, the real question is how well he plays that old arcade game “Whack A Gopher.” As problems pop up just making them disappear is not the answer. Playing “Whack A Gopher” with one hand tied behind your back will not work either. Perhaps it is time for some real changes and some credibility.
Welcome aboard Tom. Do you want a briefing from me? Let me check my schedule. I may be at lunch with Rachel Lomax.
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