HSBC's Mackay Says Lower U.S. Taxes Beneficial Long-Term

The transcript discusses HSBC's financial performance, leadership changes, and strategic decisions. It covers the fourth quarter's weaker performance due to impairments and provisions, the decision to delay buybacks in favor of issuing alternative tier one instruments, and the impact of US tax reforms. The discussion also highlights HSBC's growth strategy, particularly its focus on Asia, and the positive effects of rising interest rates on its business.

What was the reason for the missed estimates in the full year adjusted pretax profit?

Who replaced Stuart Gulliver as CEO?

What were the unexpected factors affecting the fourth quarter results?

How did the changes in US tax rates impact HSBC's business?

What is the expected benefit of the lower corporate tax rate for HSBC in the future?

What are the growth expectations for HSBC in 2018 according to Mark Tucker?

What strategy has HSBC adopted over the last couple of years?