Feb 20, 2020

HSBC narrows external search for chief to UniCredit boss

HSBC has identified Jean Pierre Mustier, the boss of Italian lender UniCredit, as the leading external contender to become its next chief executive, said two people familiar with the matter. The Asia-focused bank has been searching for a chief executive since it ousted John Flint last August. The FT on Wednesday reported that Swiss bank UBS had picked Ralph Hamers from ING, the Dutch lender, as its new chief executive, and his appointment was confirmed on Thursday. Mr Mustier is credited with turning UniCredit round since he took the top job in 2016 and set about restructuring the bank, repairing its balance sheet, exiting unwanted businesses and cutting thousands of jobs. Some HSBC investors have questioned whether it was appropriate for Mr Quinn to announce such a radical overhaul given that he lacks the status of a permanent CEO. HSBC and UniCredit declined to comment.

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