IN A SHOCK announcement yesterday, Noel Quinn said that he is drawing the curtain on a nearly four-decade career at HSBC. So, who are the leading contenders to succeed him as chief executive of Europe's largest bank?

Whoever takes on the job can expect a bumper salary. Quinn was the only Big Four UK bank boss to see a pay rise for his performance in 2023, with his remuneration nearly doubling to £10.6m after HSBC reported record profits on the back of global interest rate hikes.

Quinn said his decision came after a period of reflection last Christmas and the desire for a better balance between his work and personal life.

"Doing this job, you have to give 100 per cent - if not 120 per cent - of your energy, your mindset your time to the role," he told reporters.

Looking to a replacement, HSBC has said it is considering both internal and external candidates, but has traditionally promoted longserving veterans to the position. A few of the firm's own bankers immediately stand out.

The leading internal candidate for Quinn's job is 50-year-old Georges Elhedery.

The Lebanon-born trader was promoted to become the group's finance chief last January following a six-month sabbatical, before which he was HSBC's co-head of global banking and markets.

Quinn has hinted that Elhedery is the heir apparent, saying in 2022 that his promotion was part of HSBC's long-term succession plans.

Another option could be Ian Stuart, who was appointed as the first chief executive of HSBC's ring-fenced UK bank in 2017. He originally joined the firm in 2014 to head up its commercial banking arm in the UK and Europe.

Stuart, 60, has overseen bumper earnings at HSBC UK, which were helped by higher interest rates and a landmark deal credited with rescuing many British start-ups.

Other internal contenders mooted in recent years include Nuno Matos, head of HSBC's wealth and personal banking unit, Barry O'Byrne, head of commercial banking, and Colin Bell, CEO of the bank's European business.

(c) 2024 City A.M., source Newspaper