Oct 2, 2017
Mark Tucker wastes no time choosing next HSBC chief
Mark Tucker has wasted little time in making his mark at HSBC. Even before he took over as chairman of Europe's biggest bank by assets on Monday, the 59-year-old quickly made up his mind on who should replace Stuart Gulliver as chief executive. HSBC is now waiting for the Bank of England's Prudential Regulation Authority to approve its chosen candidate before Mr Tucker can announce one of his most important decisions as chairman in the coming weeks, according to several people familiar with the matter. These people say Mr Tucker, the former head of Asian insurer AIA and the first outsider to be appointed as chairman of HSBC in its 152-year history, had opted to stick with tradition by promoting someone from within the bank. The seemingly swift and smooth succession process contrasts with the internecine feuding that broke out for weeks before the bank ended up choosing Mr Gulliver to replace Michael Geoghegan as chief executive in 2011. HSBC has done more than 80 disposals in seven years, exiting consumer banking operations in countries such as Brazil as it abandoned its motto of being the "World's global bank".
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