HSBC Hires Recruitment Firm to Find Future Executives, FT Says

HSBC Holdings Plc has hired recruitment firm Russell Reynolds to find potential candidates for future top executive positions, the Financial Times reported.

The recruiter will look for gaps in the U.K. bank’s roster of up-and-coming executives and search for candidates to fill the positions, the newspaper reported. Rather than identifying successors for Chief Executive Officer Stuart Gulliver, 57, the new process will look beyond that handover to ensure there are promising managers ready to take over from the next CEO, according to the report.

Gareth Hewett, a Hong Kong-based spokesman for HSBC, declined to comment. Russell Reynolds couldn’t immediately be reached for comment.

HSBC Chairman Douglas Flint, 61, is preparing to step down next year, and his replacement will start the search for a new CEO. Flint and Gulliver are the longest-serving pairing at a big European bank. Since Gulliver took the post in 2011, HSBC has cut thousands of jobs and reduced its global footprint as European banks struggle to boost profitability amid low interest rates, misconduct fines and rising regulatory costs.

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