HONG KONG — Shares of HSBC dropped 1 percent in Hong Kong on Friday after reports of major management changes at what is one of Europe’s biggest banks.
Michael Geoghegan, the bank’s chief executive, will be replaced by Stuart Gulliver, head of the investment bank, Reuters reported from London, citing a person familiar with the matter.
The British bank’s finance director, Douglas Flint, will take over as chairman of HSBC from Stephen Green, Bloomberg News reported from London, citing a person briefed on the matter.
Gareth Hewett, a spokesman for HSBC in Hong Kong, declined comment on news of Geoghegan’s departure.
HSBC’s board is scheduled to meet in Shanghai next week to discuss the bank’s leadership. The matter of succession would be taken up then, said Mr. Hewett.
“We said there would be due process on this matter,” he said.
The news of Mr. Geoghegan’s departure comes after he relocated to Hong Kong earlier this year. The bank maintains its headquarters in London, but Mr. Geoghegan lives in Asia, a move that the bank has said reflected “the shift in the world’s center of economic gravity from West to East.”
Founded in 1865 as the Hongkong and Shanghai Banking Corporation, the bank generates about 53 percent of its pretax profit in Asia, where it employs 117,000 people, or 41 percent of its total staff.
It is unclear whether Mr. Gulliver would keep maintain the chief executive post in Hong Kong.
Michael Geoghegan, the bank’s chief executive, will be replaced by Stuart Gulliver, head of the investment bank, Reuters reported from London, citing a person familiar with the matter.
The British bank’s finance director, Douglas Flint, will take over as chairman of HSBC from Stephen Green, Bloomberg News reported from London, citing a person briefed on the matter.
Gareth Hewett, a spokesman for HSBC in Hong Kong, declined comment on news of Geoghegan’s departure.HSBC’s board is scheduled to meet in Shanghai next week to discuss the bank’s leadership. The matter of succession would be taken up then, said Mr. Hewett.
“We said there would be due process on this matter,” he said.
The news of Mr. Geoghegan’s departure comes after he relocated to Hong Kong earlier this year. The bank maintains its headquarters in London, but Mr. Geoghegan lives in Asia, a move that the bank has said reflected “the shift in the world’s center of economic gravity from West to East.”
Founded in 1865 as the Hongkong and Shanghai Banking Corporation, the bank generates about 53 percent of its pretax profit in Asia, where it employs 117,000 people, or 41 percent of its total staff.
It is unclear whether Mr. Gulliver would keep maintain the chief executive post in Hong Kong.
