Not sure we'd name our 'move the bank overseas' project after the plane that is best known for a deadly crash but WTF do we know? Supposedly:
Most of the US operations will be shut down as part of global initiative to move most/all US banking, sales and trading to the UK balance sheet. For some reason, this is all code named "Project Concorde." Eric Knight will be happy.
HSBC is now considering a $20 billion rights offer. Trying to get out of here before is US shut down, and the bank goes the way of RBS. Or become an incompetent Global Head of Markets.