(FT) -- Michael Geoghegan is to step down as chief executive of HSBC at the end of the year, according to two people close to the bank's board.
He will be replaced by Stuart Gulliver, head of the group's investment bank.
At the same time, Douglas Flint will take over as chairman from Stephen Green, who announced a fortnight ago that he will take up a government job in January as the UK trade minister. The double changeover at the head of the global banking group follows a turbulent two weeks of jostling for position among board members, following Green's announcement.
HSBC employees said there were looking forward to a conclusion to the succession process.
"Most of us are assuming it's going to be Gulliver," said an HSBC executive in Hong Kong on Friday. "People will be happy to see him move up." The bank's shares opened 1.4 percent lower at HK$80 but later recovered to $80.70.
If confirmed at next week's board meeting, Gulliver's appointment would mark the second elevation of a highly-paid investment banker in as many weeks, following news that Bob Diamond, the boss of Barclays' investment bank, is to be the group's next chief executive.
CNN
