HSBC M&A: curse or cure

The document discusses mergers and acquisitions (M&A) in the banking industry. It presents M&A as both a potential "cure" and "curse" for banks. On one hand, M&A can provide access to resources, distribution networks, and economies of scale. However, M&A can also divert management attention, strain technology systems, and create challenges in managing integrated operations. The document outlines HSBC's framework for evaluating acquisitions and examines the impacts of scale, capital discipline, market conditions, and complexity on M&A strategy. It concludes by reviewing HSBC's financial performance over 15 years.