This is the UK’s second-largest listed company, and the European bank most exposed to declining US-China relations
It turns out that Sir Mark Tucker, 67, retired as chair of HSBC in September to make way for an older man. Say hello to Brendan Nelson, 76, a former KPMG partner, who has been doing the job on an interim basis for a couple of months but was regarded as a rank outsider to get the gig permanently.
Just how permanent remains to be seen because the HSBC chief executive, Georges Elhedery, clearly unaware that Nelson had thrown his hat into the ring, appeared to rule him out when speaking at an FT conference only on Monday. He said Nelson didn’t wish to do a full term of six to nine years, a remark that didn’t feel controversial at the time. After all, while US presidents may go on into their 80s these days, chairs of globally important banks tend not to.
