HSBC’s Geoghegan reported to be stepping down

| September 24, 2010 | 0 Comments

There is speculation that HSBC’s chief executive, Michael Geoghegan, will step down at the end of the year.

The report comes shortly after 56-year-old Geoghegan was reported to have threatened to leave the bank if he was not promoted to chairman.

However, HSBC, which is Europe’s largest bank, dismissed the claim as “offensive” and “nonsense”.

The role of chairman will be available next year after it was recently announced that chairman, Stephen Green, is moving on to take up the post of trade minister with the Coalition Government.

Mr Green, a well-respected banker who steered the bank through the financial crisis without the need for taxpayer support, will assume his new role early next year.

It has been reported today that a boardroom shuffle will see finance director, Douglas Flint, become the bank’s new chairman, while Stuart Gulliver will take on the role of chief executive.

Iain MacKay is set to become chief financial officer, according to Sky News.

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