Geoghegan to quit HSBC
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HSBC chief executive Michael Geoghegan is set to step down at the end of this year after being overlooked for the vacant chairman’s role.
According to the FT, he will be replaced by the head of the group’s investment bank Stuart Gulliver.
The news comes as HSBC looks set to announce that chief financial officer Douglas Flint is set to step into the chairman’s role held by Stephen Green, who is to step down to take up a government job in January as trade minister.
A spokesman for HSBC declined to comment on the speculation.
The Financial Services Authority is yet to approve either appointment, according to reports, although if clearance is given, an official announcement is likely on Friday.
Earlier this week it was reported Geoghegan would be unhappy to see another chairman appointed above him, particularly ex-Goldman Sachs banker John Thornton, who had emerged as the favourite for the role.
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