HSBC bankers say they are winning key mandates and that as recently as 1999 Citigroup was not viewed as a serious player. “They were seen as a joke, and then suddenly they were everywhere and scaring the pants off investment bankers,” said one senior equities banker at HSBC. “Household International was seen as a joke in serious financial circles, but not by families involved in their predatory lending scams. HSBC bought them” said Household – HSBC Watch.
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