Report: HSBC boss to stand down in two years

Stuart Gulliver, chief executive officer of HSBC, will stand down in two years as the bank replaces its top leadership, according to the Sunday Times.

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.

To access the complete Bloomberg News article hit the link below:

HSBC's Gulliver to Step Down in Two Years, Sunday Times Says

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