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HSBC chief executive threatens to quit

HSBC chief executive Michael Geoghegan has threatened to quit the bank should he not get the vacant chairman’s role.

According to the FT, Geoghegan reacted badly to suggestions that he may be passed over for the role, which became open following the announcement that current chairman Stephen Green is to take up a government job as a trade minister at the end of this year.

HSBC is set to decide the new chairman at a board meeting in Shanghai next Tuesday. Executives at HSBC says Geoghegan would be unhappy to see another chairman appointed above him, particularly ex-Goldman Sachs banker John Thornton, who has emerged as the favourite for the role. Other candidates include finance director Douglas Flint and non-executive Simon Robertson.

HSBC has a history of elevating its chief executive to chairman.

Geoghegan moved his job to Hong Kong last year and is thought to want Stuart Gulliver to be the new London-based chief executive should he get the chairman’s role.


Mott warning that bond bubble could burst like the dotcom crash

Veteran UK equity income fund manager Bill Mott has warned of a “bond bubble” that could rival the dotcom bubble of 2000 if fears of deflation in the economy prove unfounded. Manager of PSigma income compared the recent rush into bonds with the technology, media and telecoms bubble that later collapsed, wiping billions from the […]

McGarry moves to L&G Investments

Legal & General Investments has named Frank McGarry as sales director. McGarry was previously Insight Investment head of intermediary sales and prior to that was sales director at Cofunds.


Do we need another trade body?

There has been much talk recently about a trade body dedicated to the needs of advisers specialising in protection. Some have suggested that the Association of Independent Financial Advisers should provide the necessary infrastructure, whilst recently Phil Jeynes proffered the idea that the Association of British Insurers, with its protection working party, makes the idea […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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