Rumors swirl over HSBC exec's departure

Market rumors are swirling that HSBC finance chief Ewen Stevenson resigned because his expectation of being appointed as chief executive was not realized.

According to people familiar with the matter, Stevenson decided to resign after becoming impatient with the timetable for the chief executive job to open up.

He had told the board members in recent months that he wanted to be the group's chief executive and didn't want to wait too long.

The board was unwilling to provide timing or an assurance that Stevenson would get the job, and current chief executive Noel Quinn has said he plans to stay in the position for several more years.

The bank told investors last week that Stevenson would step down as finance chief at the end of the year.

It said it made the change after reviewing its executive committee with a focus on succession planning.

Stevenson joined the bank as chief financial officer in January 2019 after he served in the same role at NatWest, formerly Royal Bank of Scotland.

He spent the majority of his career at Credit Suisse advising financial companies.