I accept ultimate responsibility for HSBC's purchase of Household; it is worth noting that a significant part of the losses came from businesses started after the acquisition. However this is not balanced reporting of the value creation during my term either on the Board or as Chairman. The investments of around $4 billion made in China alone have made gains of at least 2.5 times the Household losses. During my tenure as a Director of HSBC its market cap went from $4.5 bn to $200 bn, I was part of the team who produced this remarkable growth.
Evening Standard, London
HSBC Purchase of America's Household
Bond led the £9 billion purchase of America's Household International Group in 2003, a subprime mortgage lender, shortly before the US housing market crashed. The deal was seen to harm a reputation built up over 45 years at HSBC.
I wish to correct my entry in Wikipedia.
I was born on 24 July 1941.
I am not The Honourable.
I joined The Hongkong and Shanghai Banking Corporation at the age of 19, not 21.
I have not worked in the Middle East.
I was posted to New York, not Buffalo.
I spent one year in the USA as an English-Speaking Union scholarship student at Cate School, near Santa Barbara, California, not two years.
Sir John Reginald Hartnell Bond (traditional Chinese: 龐約翰, born 24 July 1940) retired as chairman of HSBC Holdings plc on 26 May 2006, after spending 45 years with the bank. He took up the position of Chairman of Vodafone in July 2006.
John Bond joined The Hongkong and Shanghai Banking Corporation as an International manager in 1961, at the age of 21, his original application having been turned down before the intervention of the father of an old school friend whose father was a broker for the bank. He spent his early career in Hong Kong, Indonesia, Singapore, Thailand and the Middle East, before returning to Hong Kong to manage the bank's investment banking arm Wardley in the 1980s. From there, he was posted to Buffalo, New York, to head the bank's United States operations (at that time called Marine Midland Bank), before being appointed HSBC Group CEO in 1993. Bond took over as Group Chairman in 1998 with the retirement of Sir William Purves.
He was born in Oxford, and educated at Tonbridge School. His family's roots are in Bristol. Bond failed to gain admittance to Oxford University, so on leaving school he spent two years in the USA, one as an English-Speaking Union scholarship student at Cate School, near Santa Barbara, California, before being given passage on a ship from Long Beach to Hong Kong as a deck hand.