HSBC is currently looking for a new CEO. One of the candidates is Andrea Orcel, ex-UBS, but he has to fend off a number of reputable rivals also eager for the top job.
Andrea Orcel is currently on holiday. Time off that he will enjoy after a protracted legal dispute with Spain's Santander: Orcel claimed more than $100 million in compensation from the Spanish firm after the bank cancelled a CEO contract in January.
Orcel has been monitoring closely the departure of HSBC boss John Flint, people close to Orcel told finews.com. He will have taken note that the board of HSBC intends to opt for a candidate that hasn't made his way up the company ladder – for the first time in the 150-year history of the bank.
The new chief executive will be tasked to make the super-tanker bank more agile – a job tailor-made for Orcel.
No Contact Yet
Orcel would voluntarily forgo part of his UBS bonus if he were selected for the job, the people said. Still: so far, HSBC hasn't been in touch, they added.
With any such a vacancy, there's plenty of room for speculation about who will make the grade. «Finanz und Wirtschaft» (story not available online) for one suggested that UBS chief Sergio Ermotti would be the ideal candidate, a man who has still plenty to give despite his age (60).
The Names
Sounds a little far-fetched, even if HSBC Chairman Mark Tucker is keen to bolster the wealth management business at the bank.
Analysts and headhunters surveyed by «Financial News» (behind paywall) have Orcel on the list of probables – but not Ermotti.
The names mentioned most often – apart from Orcel – are:
1. Piyush Gupta
The CEO of Singapore-based DBS fits a number of requirements. He made his career at Citibank in India, working his way through a number of management positions – finance, technology and human resources. He was in charge of Citi's mergers and acquisitions business in Asia and is currently promoting the drive to make DBS a digital bank.
2. Stephen Hester
Well-known in Swiss banking circles: U.S. citizen Hester was chief financial officer of Credit Suisse First Boston (CSFB). He helped Royal Bank of Scotland back on its feet after the state had to rescue it in the financial crisis. He left the bank in 2013 and is currently the head of RSA, an insurer that Zurich Insurance wanted to buy four years ago.
3. António Simões
A veritable HSBC insider, but one with serious merit. The citizen of Portugal was a candidate when Flint got the job. The head of private banking has experience in Asia banking and was head of office when Michael Geoghegan was in charge from 2006 through 2010. An ambitious man, Simões also has a past at Goldman Sachs and he used to work for McKinsey.
4. Ewen Stevenson
Half an insider: Stevenson joined the bank as its CFO in January and embarked on a global cost-cutting program with no delay. He used to work at RBS, where he teamed up with Hester to push through a turnaround. He previously worked at Credit Suisse for a quarter of a century, most recently as co-head of investing banking in Europe.
5. Jing Ulrich
One of the most powerful businesswomen of the world – the Chinese citizen is vice chair of J.P. Morgan in Hong Kong. As head of investment banking in China, Ulrich retains urgent ties to the U.S., where she used to work as a fund manager and where she advises the American chamber of commerce.
A global top manager with Asian background – a great fit with the new strategy of HSBC.
