Read Aled Blake's Western Mail article by clicking on the link below.
The chief executive of HSBC last night outlined how Wales can be flexible enough to cope with the economic downturn – and be ready to exploit future markets.
Dyfrig John argued that a globalised and interconnected world economy offered both challenges and opportunities for business.
He was speaking at a meeting of Cardiff Business Club at the St David’s Hotel & Spa in Cardiff Bay.
His address came on the day banking giant HSBC announced that it is to axe more than 500 jobs across the country, with Unite attacking the announcement as a “disgrace”, especially coming so close to Christmas.
Mr John acknowledged that the banking sector had much to take responsibility for in the economic crisis now facing the world, but stressed that a change in emphasis towards customers’ needs was the right thing for banks to be doing.
But he warned fellow bankers that they had to learn lessons from the mistakes that led to the financial crisis.
Mr John said the globalisation of the world’s economies had brought huge benefits to millions by lifting them out of poverty.
And the 16 years of continued growth, experienced in the UK at least, makes us better placed to withstand this recession than recessions of the past.
Clynderwen, Pembrokeshire- born Mr John told executives: “The banking industry does need to take a long, hard look at the way it operates. It also needs to maintain a perspective in all this. We have faced sterner tests before.
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