HSBC may unveil a big strategic overhaul before naming its permanent boss. That’s messy, but there is a crumb of comfort, says LiamWardProud:
HSBC will not name a permanent chief executive when interim boss Noel Quinn presents a strategic overhaul on Feb. 18, the Financial Times reported on Feb. 5. It cited four people briefed on HSBC’s plans as saying Quinn would not be confirmed on or before Feb. 18 and that the search for a permanent successor was still in progress.
Three of the UK-based bank’s 20 largest shareholders had expected either Quinn or an external candidate to be named before the new strategy was unveiled, the newspaper said. Reuters reported on Feb. 5 that Quinn was set to unveil a new round of job cuts targeting senior international managers, and also reduce the lender’s presence in some smaller markets as part of the new plan.
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