Feb 23, 2020

Mustier rules himself out of HSBC running

Jean Pierre Mustier, the chief executive of UniCredit, has ruled himself out of the running to be the next chief executive of HSBC, with the race to lead Europe's largest lender set to enter its seventh month without conclusion. One person briefed on the talks said Mr Mustier had not been given a formal job offer by HSBC but had been identified as the preferred outside candidate. HSBC has approached several executives about the job, including Mr Mustier, who emerged as the favoured external candidate last week. The entrance of Mr Mustier into the frame to lead HSBC was greeted with scepticism by some rival CEOs, who questioned whether the French-born banker would want to work with Mr Tucker, a successful insurance executive who is known as a hard taskmaster. One of the people briefed on the race to lead HSBC said Mr Mustier's exit did not mean Mr Quinn would necessarily win the job by default, adding that the bank was still in talks with at least one other external candidate.

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