HSBC Holdings Plc is leaning towards selecting its next CEO from a pool of internal candidates as it commences the search for a successor to outgoing CEO Noel Quinn.
Georges Elhedery, currently serving as Chief Financial Officer, and Nuno Matos, who leads wealth and personal banking, are emerging as top contenders for the role, as per sources familiar with the matter. External recruitment agencies have been enlisted to evaluate them alongside external candidates, although the final decision rests with the board, who could opt for a different direction. HSBC declined to comment on the ongoing process.
The internal candidates offer a robust roster, potentially avoiding a prolonged search period typically associated with external hires who may have gardening leave obligations. Chairman Mark Tucker anticipates concluding the selection process in the latter half of the year.
Quinn’s unexpected retirement coincides with HSBC’s efforts to navigate the complex dynamics between China and the US. During his tenure, Quinn spearheaded strategic reviews, focusing on bolstering the bank’s presence in Asia while scaling back operations in certain markets like the US and France. HSBC remains committed to this strategy amidst ongoing geopolitical tensions.
Elhedery, who assumed the CFO role in 2023, has a background in HSBC’s markets division and notably dedicated time to learn Mandarin during a sabbatical in 2022. Matos, formerly CEO of HSBC’s Mexican business, has ascended through the ranks, relocating to Hong Kong to underscore the bank’s Asian focus.
External candidates, including Charlie Nunn, former HSBC executive and current CEO of Lloyds Banking Group Plc, are also being considered. However, Nunn has expressed commitment to his current position when questioned about his interest in leading HSBC.
Analysts suggest that HSBC’s focus on accelerating growth in Asia, following significant streamlining efforts, may favor an internal candidate. Elhedery, Matos, and Gregory Guyett, CEO of Global Banking and Markets and a former JPMorgan executive, are cited as potential successors to Quinn.
