The decision to fold global private banking (GPB) within another operating business as part of HSBC’s latest restructuring programme was almost inevitable given its experience over the past decade.

Not only is GPB the smallest of HSBC’s four global businesses by a considerable margin but it has also been plagued by controversies and problems over the past decade.

Indeed, given group chief executive Noel Quinn’s focus on getting rid of businesses that have not delivered “acceptable” returns, a case could almost be made for axing GPB.

Take 2019, for example. At first sight it appears that GPB made a pr...