HSBC top brass in management shake-up

HSBC's bank chairman is stepping down earlier than expected.

HSBC is set to announce a host of changes to its senior management staff following boardroom conflicts that have rattled the bank, reports the Financial Times.

The changes follow bank chairman Stephen Green's announcement that he will be stepping down earlier than planned to become minister for Trade and Industry.

The bank's finance director Doug Flint will reportedly be replacing Green if the Financial Services Authority (FSA) gives its approval.

Chief executive Mike Geoghegan, who was earlier thought to be succeeding the chairman and - according to FT - had threatened to quit if denied the position, has also understood to have left HSBC.

The bank, which has a history of promoting internally from within the ranks, is set to make head of the HSBC's investment outfit, Stuart Gulliver, the chief executive.

Pending the FSA's clearance, HSBC is likely to make a formal announcement of the appointments on Friday, FT said.
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