By Ezra Klein
One of my meetings today was with a quasi-employee of the megabank HSBC, who said that HSBC's strategy in recent years has been to focus on retail banking, which meant identifying areas where there'd be a lot of new demand for retail-banking products. Those areas? China and India, for obvious reasons. Latin America, also because of sheer population. And, unexpectedly, America, because of the high-level of immigration.
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