HSBC denies Geoghegan quit claim

| September 22, 2010 | 0 Comments

According to Sky News, banking giant HSBC has dismissed claims that chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman.

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

Earlier today, a source familiar with the matter told the Financial Times that Mr Geoghegan was told the board was not ready to give him the chairmanship and he was not happy.

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.

In response to the story by the Financial Times earlier today, HSBC declined to comment about Mr Geoghegan but said “there is a due process to follow and we have said we would be announcing (a successor) before the end of the year.”

According to reports, candidates for the chairman role include John Thornton, a former Goldman Sachs banker. Douglas Flint, HSBC’s finance director, and Simon Robertson, the non-executive leading the succession process, who would probably have to resign as chairman of Rolls-Royce in order to assume the role of chairman at HSBC.

Colleagues close to Mr Geoghegan played down his threat to quit suggesting “he has a famously hot temper”.

Tags: , claim, deny, , Michael Geoghegan, offensive, quit, Sky News

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