George Osborne surprise contender for HSBC chair post
Former Chancellor George Osborne has emerged as a surprise contender for chair of HSBC Holdings, one of the world’s top banking jobs.
Osborne, who was chancellor from 2010 until 2016, was approached during the summer about becoming the successor to Sir Mark Tucker, according to Sky News.
He is one of the three remaining candidates in the running to take on the job when Tucker retires at the end of 2025.
Brendan Nelson, the former KPMG vice-chairman, became interim chair of HSBC last month.
The other two candidates for the job are City veteran Naguib Kheraj and former McKinsey boss Kevin Sneader.
HSBC is the FTSE100’s second-largest company, with a market cap of almost £190bn.
Osborne’s consideration of the role has come as a shock to the City given his lack of public company chairmanship experience.
The former Chancellor’s current commitments include a role as partner at Robey Warshaw, as well as chair of the British Museum.
Reshuffle at HSBC
HSBC’s top ranks have undergone a reshuffle recently, with the departure of both its UK chief Ian Stuart and its European chief Andrew Wild.
David Lindberg, who most recently led retail banking operations at Natwest, was announced as the FTSE 100 giant’s new UK chief last month, but the bank is still on the hunt for a European head.
HSBC said it is in the process of recruiting for Wild’s replacement, whilst Christopher Davies – the division’s deputy chief – will take the helm in the interim.
In its latest financial results, HSBC took a 14 per cent profit beat falling to $7.3bn (£5.4bn) for the three months to September 30.
The fall came as the bank hiked legal provisions after a fresh ruling in the Madoff fraud scandal put the lender on the hook for $1.1bn (£830m).
Despite the headwinds, the bank’s shares have soared more than 40 per cent in the year to date, reaching a record high of £1,102.
City PM has reached out to HSBC for comment.