HSBC CEO Geoghegan was a key promoter of the group’s Asian focus in recent years – the subprime issues in the US made that decision somewhat easier, emphasizing the return to its roots by relocating back to HK, alongside chairman Stephen Green.

Now, after losing the internal battle for chairmanship, it looks like Geoghegan won’t even be able to enjoy staying in the “taipan” house on Middle Gap Road (renovations are ongoing), and the power base – with Flint and Gulliver – will shift back to London (although Gulliver is a bit of a wild card, since he is a HK aficionado). Green is back as well to become trade minister in January.

Of course, HSBC’s growth and revenues will continue to come from the region, but the fanfare last year of moving headquarters and corporate focus back to its roots now looks questionable to some observers in the city (the city in this case being neither London nor NY, but HK).

HSBC has and can continue to avoid some of the massive mistakes of its competitors. A logical focus on wealth management (from a customer base) and Asia/emerging markets (from a product perspective) makes Asia the strategic center piece (alongside LatAm, to some extent), but of course there are also opportunities in Good Old Europe and the US (ironically, the US opportunity is significant since it would be growth from a relatively small base).

The group is thus likely to bet on the same horse; the horse racing nights just won’t be hosted by Geoghegan any more.