When talking about marketing these days, I often show people the home page of internalmemos.com and suggest that these days, it's not safe to think of any memo as internal.

I imagine Graham Copley at HSBC has realised that, seeing his latest published in the FT, describing the output of some of their very highly paid analsysts as "pedominantly worthless flashnotes" adding that many "analysts and team leaders do not deserve to be paid this year".

As my friend Declan, who spotted this, concludes: interesting times indeed.