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HSBC’s ‘Internal Activist’ CFO Stevenson Seen as Chief in Waiting

  • Eight months in, the CFO has criticized bank’s cosy culture
  • Stevenson told managers to keep a sharper eye on staff costs

There’s an in-house candidate to succeed John Flint as chief executive officer of HSBC Holdings Plc, and it’s not Noel Quinn, the manager holding the top job for the interim.

Chief Financial Officer Ewen Stevenson, who has been in place only since January after joining from Royal Bank of Scotland Group Plc, has established himself as the dominant force in the 154-year-old bank’s executive suite, say current and former HSBC officials. Stevenson’s straight-talking approach helped him forge a strong partnership with Chairman Mark Tucker, whose loss of confidence in Flint led to his ouster after just 18 months, they say.