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Bank Claims: HSBC boss set to step down

The chief executive of HCBC is set to step down from his role after failing in his bid to become the bank's new chairman.

Michael Geoghegan was hoping to take over from the outgoing Stephen Green, who is set to leave his position as HSBC chairman to become the government's trade minister.

However, the job is reported to be given to current finance director Doug Flint, while Stuart Gulliver, the head of HSBC's investment banking operations, will become its new chief executive.

Ian Gordon, analyst at Exane BNP Paribas, claimed Mr Gulliver's appointment is not a surprise, although he did admit the manner of his recruitment was a shock.

He said: "All this will leave the essential character, strategy and investment proposition of HSBC substantially unchanged."

Both new appointments are subject to approval from the Financial Services Authority (FSA), with an official announcement likely to be made later today (24th September).

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800082425-ADNFCR

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