Bloomberg Talks: HSBC CEO Michael Roberts Talks H-1B Visa Applications

Date: September 22, 2025
Host: Bloomberg
Guest: Michael Roberts, CEO, HSBC USA

Episode Overview

This episode features an in-depth conversation with Michael Roberts, CEO of HSBC USA, on the bank's ongoing transformation, the global banking landscape, strategic focus on Asia and the Middle East, the recent H-1B visa policy changes, and the future of financial innovation. Roberts discusses HSBC's restructuring achievements, thoughts on global capital flows, challenges in private credit, and implications of geopolitical shifts for banks and their staff.

Key Discussion Points & Insights

1. HSBC’s Restructuring & Strategic Focus

• Restructuring Achievements (00:38–02:15):

  • HSBC has recently undergone significant organizational changes, reorganizing the business into four divisions and focusing on efficiency.
  • Transformation is described as historic for HSBC, primarily aiming to simplify operations and respond quickly to an evolving environment.
  • "It's been less than a year and I think no one would argue that we probably have done more transformation, more change at HSBC potentially in its history." — Michael Roberts [00:42]
  • Year two of restructuring focuses on simplification, better bank operations, and not just cost efficiencies but also operational agility and responsiveness.
  • HSBC's share price is at a 22-year high, signaling market approval of these changes.

• Divestitures & Global Focus (02:15–04:36):

  • HSBC has exited several business lines, notably scaling back from the U.S. except for debt markets, and solidifying its leadership in Asia and the Middle East.
  • Significant capital flows and value are seen in cross-border business between these two regions, which are regarded as future growth engines.

2. Shifting Global Capital Flows & The Role of Asia and Middle East

• Debate on Regional Focus (04:12–05:10):
  • Despite past volatility in Asian markets (e.g., COVID), Roberts stresses “enormous wealth creation” in Asia and notes the growing significance of Hong Kong and capital exchanges with the Middle East.
  • U.S. and European companies are focusing their expansion in Asia and the Middle East due to sustained growth and robust capital flows.
  • "The amount of money going from the Middle east into Asia and vice versa… is a significant and I think permanent trend." — Michael Roberts [04:51]

3. H-1B Visa Changes and Staffing Impacts

• Policy Changes & Implications (05:10–06:28):
  • The recent U.S. H-1B visa policy change (imposing a $100,000 fee per visa) mainly affects tech but also touches HSBC’s U.S. operations (approximately 6,000 employees).
  • An initial lack of policy clarity caused organizational confusion, but since it is now prospective, the impact is manageable for HSBC, though more challenging for tech and larger finance firms.
  • "I think for all companies, you know, to pay an extra $100,000 on top of everything else, it is going to change the way we look at staffing." — Michael Roberts [06:09]

4. De-dollarization and Geopolitical Shifts

• Global Order & Reserve Currencies (06:28–08:15):
  • The relationship between the Middle East and Asia is being shaped by U.S. policies and talk of de-dollarization ("concern in the United States" and among investors globally).
  • Roberts sees no immediate alternative to the dollar as the reserve currency, and asserts any transition would be evolutionary rather than abrupt.
  • "If the U.S. Dollar is not the reserve currency, what is? It's not the renminbi, it's not the euro. The actual relative change between currencies… has not changed for the last 20 or 30 years." — Michael Roberts [07:23]

5. Innovation & Private Markets

• Financial Innovation Dynamics (08:15–10:02):

  • U.S. capital markets continue leading financial innovation, but Asia and the Middle East are quickly adopting and localizing trends, including in technology and structured products.
  • Growing U.S. investment and advancing technology into Asia are shaping these regions as hotbeds of new financial and industrial innovations.
  • "It's just not American innovation anymore." — Michael Roberts [09:19]

• HSBC’s Private Credit Strategy (10:02–10:35):

  • HSBC is consolidating its private credit activities to debottleneck growth and adapt to new models of financing, which don’t fit traditional bank structures.

• Systemic Risk in Private Credit (10:32–10:49):

  • Roberts acknowledges systemic risks in private credit and shares that HSBC closely monitors leverage and triggers, both internally and with its board.

6. Staff Morale & Internal Change Management

• Morale Amid Restructuring (10:49–11:53):
  • Maintaining morale was a top priority during restructuring; Roberts feels the bank is now moving from organizational changes to a focus on enablement, digitization, and AI.
  • "We're doing, I think, some very interesting things around AI, doing very interesting digitization that will make their jobs easier but also plays through right to the clients." — Michael Roberts [11:38]

Memorable Quotes & Timestamps

• "It's been less than a year and I think no one would argue that we probably have done more transformation, more change at HSBC potentially in its history." — Michael Roberts [00:42]
• "The amount of money going from the Middle East into Asia and vice versa... is a significant and I think permanent trend." — Michael Roberts [04:51]
• "I think for all companies, you know, to pay an extra $100,000 on top of everything else, it is going to change the way we look at staffing." — Michael Roberts [06:09]
• "If the U.S. Dollar is not the reserve currency, what is? It's not the renminbi, it's not the euro. The actual relative change between currencies… has not changed for the last 20 or 30 years." — Michael Roberts [07:23]
• "It's just not American innovation anymore." — Michael Roberts [09:19]
• "We're doing, I think, some very interesting things around AI, doing very interesting digitization that will make their jobs easier but also plays through right to the clients." — Michael Roberts [11:38]

Important Segment Timestamps

• HSBC Transformation Overview: [00:38–02:15]
• Asia & Middle East Focus: [02:15–04:36]
• H-1B Visa Policy Reaction: [05:10–06:28]
• De-dollarization Discussion: [06:28–08:15]
• Innovation & Private Markets: [08:15–10:49]
• Morale & Digital Transformation: [10:49–11:53]

Tone & Speaker Style

Michael Roberts speaks candidly, blending pride in HSBC's progress with realism about ongoing challenges. He projects confidence about the bank’s strategic pivot but acknowledges uncertainty in global economics and policy, especially around de-dollarization and regulatory changes like the H-1B visa policy. The tone is analytical and direct, with a willingness to address both the opportunities and risks facing HSBC and global banking.

This summary provides comprehensive insight into the episode’s main topics, key perspectives, and quotable moments, offering listeners and non-listeners alike a clear and structured understanding of the discussion.