Unicredit boss Mustier ‘a main contender’ to become HSBC chief
Unicredit Spa boss Jean-Pierre Mustier is a leading contender to become HSBC’s new chief executive officer.
Mustier has been credited with turning around the biggest bank in Italy over the past four years and is now one of the main external candidates being considered by HSBC, according to Bloomberg.
He has been in discussion with the HSBC board about taking on the top job, the report says, citing sources familiar with the matter.
However, other candidates are also being considered, including current interim chief, Noel Quinn, who had been considered the front-runner.
Quinn has held the role since last August when former CEO John Flint was ousted and has been auditioning to take the top job permanently.
Flint’s removal was reportedly due to a difference in opinion with HSBC chairman Mark Tucker regarding his tentative approach to reviving growth.
A decision on his permanent replacement was due to be made within six to 12 months. Tucker confirmed that timeframe remained in place making a decision due by this August at the latest.
Mustier’s tack record
During his time at Unicredit, Mustier undertook a major restructuring, which included cutting costs and around 14,000 jobs, dumping bad debt and shrinking the bank’s international presence.
The bank’s shares were up by about 30 per cent last year and the performance has allowed the 59-year-old to have more ambitious targets, like returning greater profit to shareholders.
Mustier has previously worked in London, spending a decade with Societe Generala SA and running its corporate and investment bank.
He also spent more than 20 years as an investment banker in Hong Kong and Tokyo. HSBC makes around half its revenue in Asia.
Unicredit’s share price was down by just under three per cent in the wake of the news he could leave.
Earlier this week, HSBC announced a dramatic overhaul to shed $100bn in assets and shrink its investment bank. It is also planning 35,000 job cuts over three years as it revamps its US and European businesses.
HSBC and Unicredit have declined to comment.