24th Feb 2020 06:15
(Alliance News) - Jean Pierre Mustier, the chief executive of Italian bank UniCredit Spa, has ruled himself out of the running to be the next chief executive of HSBC Holdings PLC, with the race to lead Europe's largest lender set to enter its seventh month without conclusion, the Financial Times reported on Sunday.
The newspaper said Mustier had been identified as the preferred external candidate by HSBC's board of directors, setting up what would have been a two-horse contest between the UniCredit CEO and internal contender Noel Quinn, who has been acting as interim chief executive since August.Â
However, Mustier phoned Mark Tucker, HSBC's chairman, on Sunday to tell him he was no longer interested in the job and had decided to stay at UniCredit, Italy's largest lender by assets, the FT reported, citing two people briefed on the discussion.
Citing one person briefed on the talks, the newspaper said Mustier had not been given a formal job offer by HSBC but had been identified as the preferred outside candidate.
HSBC has been searching for a permanent leader since August last year, when the board ousted John Flint as its chief executive because it was concerned that he did not have the right plan to turn the bank round. Quinn, who had headed HSBC's commercial bank, was immediately appointed as an interim replacement.Â
https://www.ft.com/content/3d4c0018-5680-11ea-a528-dd0f971febbc
Despite the lack of a permanent chief, HSBC has embarked on a wide restructuring effort that could see the bank cut 35,000 jobs.
As part of these restructuring plans, HSBC is set to cut 15% of its global workforce as it embarks on a radical cost-cutting plan, Quinn said last week.
HSBC shares closed 0.5% higher in London at 562.60 pence on Friday, meanwhile UniCredit shares closed 3.9% lower in Milan at EUR13.18.
By Loreta Juodagalvyte; [email protected]
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