Mike Geoghegan would be the latest banking boss announce his departure The chief executive of the world’s largest bank, HSBC, is to step down, the BBC understands.
Mike Geoghegan is set to be replaced by Stuart Gulliver, the current head of investment banking, business editor Robert Peston said.
Meanwhile, finance executive Doug Flint will become chairman, replacing Stephen Green who is becoming a trade minister, our correspondent added.
A bank spokesman declined to comment on speculation.
“It has been profoundly entertaining for those like me who know the shame that must be felt inside HSBC in appearing no more dignified than a football club riven by factional infighting over who should be the next manager”
They added that the hunt for a new chairman was ongoing.
The Financial Services Authority is yet to approve either appointment, the BBC understands.
HSBC has a history of promoting its chief executive to the chairmanship and Mr Geoghegan had been seen as a front-runner for the position.
But the bank denied reports that he was to quit after being told he as being overlooked for the position.
“The saga of the replacement of Stephen Green as chairman of HSBC is turning into a farce, which is delicious for spectators but humiliating for one of the world’s most proper and secretive banks,” our business editor said.
“For all HSBC’s success in steering a pretty steady course through the worst banking crisis in 60 years, some would argue that succession planning at such a vast and powerful organisation ought to be a little more orderly.”
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