Stuart Gulliver, HSBC's new boss, confirmed that the bank is to scale back its global business.

ECONOMIST: Business this week

One option is to promote Mr Geoghegan to chairman, with Stuart Gulliver, the boss of HSBC's investment bank, replacing him.

ECONOMIST: HSBC's top team

Stuart Gulliver, group chief executive and Douglas Flint, group chairman of HSBC Holdings, appear before the Parliamentary Commission on Banking Standards at 9.45am.

BBC: Week ahead in committees

Chief executive Stuart Gulliver said the US would continue to strengthen.

BBC: HSBC profits almost double to $8.4bn as bad loans fall

Instead, Douglas Flint, who had been the bank's finance director, took over as chairman, Mr. Geoghegan left the bank, and investment- banking head Stuart Gulliver became CEO.

WSJ: HSBC's Thornton Stepping Down From Board

Its chief executive, Stuart Gulliver, ran HSBC investment - like Mr Diamond - when Libor was being manipulated (to be clear, we don't yet know whether HSBC was in on this, though it is being probed).

BBC: Barclays�� chairman in firing line

From the banks, the glitterati include Barclays chief Bob Diamond, Jamie Dimon of JP Morgan, Deutsche Bank CEO Josef Ackerman, Morgan Stanley Chairman John Mack, Lloyds chief Eric Daniels, Brady Dougan of Credit Suisse and HSBC's Stuart Gulliver.

CNN: It takes a crisis to focus on the value of Davos

The effort really got started in April 2003, when HSBC lured John Studzinski from Morgan Stanley (nyse: MWD - news - people ) to take over as global co-head of the investment bank, along with long-time HSBC insider Stuart Gulliver .

FORBES: HSBC's I-Banking Bet

But, with 30 years international experience at HSBC, of late at very senior levels, and a member of the parent company board since 2008, it is not credible that Stuart Gulliver can escape blame, though the previous CEO Lord Green, currently the Trade Minister in an increasingly scandal-ridden Conservative cabinet, is yet more culpable.

FORBES: It Is Time For Real Bank Clawbacks