HSBC announces new group chairman after George Osbourne ruled out
Banking giant HSBC makes major new announcement
- HSBC has officially appointed Brendan Nelson as its new group chair, confirming his permanent role after serving as interim chair since October.
- Mr Nelson, who joined the banking giant's board in 2023, was selected following a robust process that considered both internal and external candidates.
- He succeeds Sir Mark Tucker, who departed at the end of September to take on the equivalent role at Hong Kong-based insurer AIA.
- Sir Mark's departure was announced in May, concluding an eight-year tenure at the helm of HSBC's board.
- The appointment comes as HSBC undergoes a major overhaul, aiming to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of next year.