Two HSBC execs lead race for Quinn's job

HSBC (0005) is leaning toward appointing its next chief executive from a shortlist of internal candidates as it begins its hunt for a successor to outgoing boss Noel Quinn.

Chief financial officer Georges Elhedery and Nuno Matos, head of wealth and personal banking, are viewed as the leading replacements for Quinn, who announced his retirement last month, insiders said.

The bank has engaged a recruitment firm to benchmark them against external candidates. The search is just getting under way.

The internal roster is seen as strong and may help avoid a protracted search given many external candidates would likely need gardening leave before they're able to join and would want to debut a new strategy.

Chairman Mark Tucker expects to wrap up the process in the second half.

Quinn's move came as HSBC tries to navigate deteriorating Sino-US ties. During his tenure, he led a strategic reviews that culminated in a plan to boost investment in its Asian business, while cutting back in markets such as the US and France.

Elhedery, 50, took over as CFO early last year. The Lebanese rose through the ranks of HSBC's markets division and spent weeks shadowing Quinn before taking on his latest role.

In 2022, he embarked on a six-month long sabbatical, using that time to learn Putonghua and - if chosen, he would be the first CEO at the bank in modern times to speak Chinese.

Some of HSBC's largest investors have long wanted its most senior leaders to have stronger ties to Asia.

Matos, 56, has also staked a strong claim after promotions that propelled the ex-Banco Santander executive from CEO of HSBC's Mexican business to head of its largest division. The Portuguese also relocated here as part of HSBC's focus on Asia.

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