HSBC taps KPMG veteran Brendan Nelson to chair banking giant
Europe’s biggest lender, HSBC, has named a new chair following its tumultuous recruitment programme after the departure of Sir Mark Tucker.
HSBC tapped KPMG veteran Brendan Nelson, who has also served on the boards of BP and Royal Bank of Scotland, as its new chair.
Nelson joined the banking giant’s board in 2023 and has served as interim chair since the role was left vacant following Tucker’s exit in October.
The lender said the decision “follows a robust process” including both internal and external candidates.
Former Chancellor George Osborne emerged as a surprise contender for the role last month, as did Goldman Sachs’ Asia boss, Kevin Sneader.
Osbourne was approached in the summer to succeed Tucker, according to Sky News.
HSBC top ranks reshuffled
A major reshuffle has taken place across the bank’s top ranks over the last year, with current CEO Georges Elhedery taking the role last October.
Last month, the lender announced the exit of its top boss in continental Europe.
Andrew Wild, who first joined the bank in 2005 and served as deputy chief executive in Europe for six years before ascending to the division’s top role, is set to depart at the end of the year due to family reasons.
David Lindberg, who most recently led retail banking operations at Natwest, was announced as the FTSE 100 giant’s new UK chief last month, replacing Ian Stuart.
It followed Stuart’s appointment as the group’s customer and culture director in March – a newly created title.
It comes amid Elhedery’s overhaul at the lender, where the top boss has stripped back operations and culled investment banking arms across Europe, with the analysts suggesting the firm’s future focus lies in Asia and the Middle East.
HSBC reported a 14 per cent decline in profit to $7.3bn (£5.4bn) for the three months to September 30, after the bank hiked legal provisions relating to the Madoff fraud scandal, putting the lender on the hook for an additional $1.1bn (£830m) in costs.