HSBC Holdings (HSBC.US) has begun searching for a successor to outgoing CEO Noel Quinn, and the bank is inclined to appoint the next CEO from an internal list of candidates.
The Zhitong Finance App learned that HSBC Holdings (HSBC.US) has begun searching for a successor to the outgoing CEO Noel Quinn, and the bank is inclined to appoint the next CEO from an internal list of candidates.
According to people familiar with the matter, Chief Financial Officer Georges Elhedery and Head of Wealth and Personal Banking Nuno Matos are seen as the main candidates to succeed Quinn. People familiar with the matter revealed that the bank has hired an external recruitment company to compare internal candidates with external candidates.
People familiar with the matter said that the search has only just begun, and the board of directors is still likely to take other action.
Quinn announced his resignation last month, in an unexpected move that comes at a time when the large European bank is trying to deal with worsening geopolitical tensions. During his tenure, Quinn led a series of strategic assessments, which culminated in a plan to increase the bank's investment in Asian business while reducing investment in markets such as the US and France.
Despite heightened geopolitical tension, the bank remains committed to this strategy. People familiar with the matter said that external candidates are more likely to want to launch a new strategy, which also makes the board more inclined to support internal candidates.
People familiar with the matter revealed that some of HSBC's biggest investors have long wanted the bank's top leaders to strengthen ties with Asia. Most of HSBC's revenue comes from Asia. People familiar with the matter said that the board is aware of investors' wishes in this regard.