Jul 6, 2017

Mark Tucker plans to appoint new HSBC chief later this year

Mark Tucker, the incoming chairman of HSBC, is in a hurry to find a successor for Stuart Gulliver as chief executive of Europe's biggest bank by assets and plans to announce the board's choice later this year. UK regulators have indicated to HSBC that it should give full consideration to recruiting an outsider as chief executive, as well as reviewing internal candidates, according to several senior people at the British-based bank, which earns most of its profits in Asia. The prospect making an external appointment for chief executive, just months after outsider Mr Tucker becomes chairman, is unpalatable to many HSBC staffers, who say that only an insider can fully understand the bank's culture and be able to hit the ground running. Mr Gulliver has made it clear that his favoured candidate is John Flint, who joined the bank in 1989, has worked at HSBC his entire career and flourished under his chief executive's mentorship when they worked together in its global markets business. Other names in the frame include Antonio Simoes, head of HSBC in Europe; Samir Assaf, head of its investment bank; Iain Mackay, finance director; and Matthew Westerman, the former Goldman Sachs banker hired by HSBC this year to run part of its investment bank.

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