Overview
- Sky News reports that former chancellor George Osborne was approached in the summer and is now one of three remaining candidates to chair HSBC.
- The other reported contenders are Naguib Kheraj, a former Barclays finance director, and Kevin Sneader, the former McKinsey chief now at Goldman Sachs in Asia.
- HSBC says the selection process, led by senior independent director Ann Godbehere, is ongoing, with Brendan Nelson serving as interim chair.
- Osborne’s inclusion is described as surprising given his lack of public company chair experience and direct banking background, and he currently holds roles at Robey Warshaw, the British Museum, Coinbase and Lingotto Investment Management.
- The search comes as HSBC reshapes leadership in its UK and European operations and after quarterly profit fell to $7.3bn due to higher legal provisions linked to Madoff-related exposure, even as the roughly £190bn group’s shares have risen over the past year.