How the chairman became the unquestioned power at this bank

The pressing management question now is whether Tucker and the board choose a CEO to keep executing the current direction, or whether there’s an opportunity to refresh things.

Harry Wilson, Laura Noonan, Donal Griffin and Ambereen Choudhury

Jul 9, 2024 – 6.37pm

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The clock strikes 5am in New York and the calls and emails start dribbling in to managers across HSBC Holdings’ sprawling businesses.

A junior corporate finance employee receives a missive thanking him for his digest of the advisory mandates the bank was pitching on. A high-level executive is asked to produce a detailed breakdown on staff attrition data within a division of the institution.

Bloomberg