HSBC on hunt for new chair as Mark Tucker to retire by year-end
HSBC chair Mark Tucker will retire by the end of 2025 after an eight-year stint at the lender, the bank has said.
Europe’s biggest lender said Tucker would continue as a strategic adviser to Georges Elhedery, the lender’s chief executive, in his retirement.
The Board’s Nomination and Corporate Governance Committee said it is already on the hunt for a new chair.
Tucker said: “It has been a great honour and privilege to lead HSBC as Chair. I am deeply grateful for the trust and support I have received from the Board, management, and colleagues and am very proud of all that we have accomplished together.
“With the strong foundations laid over the last eight plus years, I am very confident that under Georges’ leadership, HSBC will go from strength to strength. I wish HSBC and all its stakeholders continued success and prosperity.”
HSBC upped bad loan reserves in results this week
HSBC posted its first-quarter results on Tuesday, where the lender booked $9.48bn in pre-tax profit.
Revenue for the first three months of the year hit $17.65bn (£13.26bn), beating analyst estimates of $16.67bn.
The bank raised expected credit losses to $876m (£653m), from $202m in a stark indication of firm’s outlook on the global economy following President Donald Trump’s tariff onslaught.
This followed a bruising period for the lender’s stock after shares plummeted 15 per cent in the week following Trump’s sweeping levies on trading partners.
HSBC was particularly stung by the steep levies slapped on Asia and the escalating trade war with the US and China, due to the bank’s historical exposure to the region.
“The macroeconomic environment is facing heightened uncertainty, in particular from protectionist trade policies, creating volatility in both economic forecasts and financial markets and adversely impacting consumer and business sentiment,” the bank said during the report.
It added its “conservative approach to credit risk and strong deposit franchise” would well-position the bank for upcoming challenges.