Bloomberg News reports that the lender has started compiling a list of internal candidates and will also consider external applicants, the newspaper said, citing people it didn’t identify. The bank plans to appoint a new chairman first to help choose the next CEO, the Sunday Times reported, after HSBC said last month that it plans to nominate a successor to Chairman Douglas Flint next year.
HSBC is revamping the board after coming under pressure from shareholders unhappy about its performance. Since 2011, Gulliver and Flint have announced more than 87,000 job cuts, exited more than 80 businesses and reduced the bank’s sprawling global footprint to 71 countries and territories from 88.
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