Former chancellor George Osborne has reportedly been nominated as a surprise candidate to become the next chairman of HSBC Holdings, one of the most powerful and prestigious positions in global banking.
Sky News revealed that Osborne – who was chancellor from 2010 to 2016 – was contacted in the summer as part of HSBC’s year-long search for a successor to outgoing chairman Sir Mark Tucker. City sources say he is now among three remaining candidates being considered by the board.
The other candidates are understood to be: Naguib Kheraj, former finance director of Barclays and former vice chairman of Standard Chartered, and Kevin Sneader, former global managing partner of McKinsey, now a senior executive at Goldman Sachs in Asia
It remains unclear whether other names are officially in the running or whether the board sees a particular candidate as the front-runner.
Osborne’s presence on the shortlist has caused a stir across the Square Mile. Despite his extensive policy and consulting background, he has no experience as CEO of listed companies, and his direct banking experience is limited compared to his competitors.
HSBC – valued at almost £190 billion and the second-largest FTSE 100 company after AstraZeneca – has been criticized for carrying out a succession process described by observers as chaotic. Sir Mark stepped down as chairman of insurer AIA at the end of September but continues to advise HSBC’s board. Former KPMG deputy chairman Brendan Nelson was appointed as interim chairman last month while the search continues.
If Osborne is selected, it would be a radical appointment for a post traditionally held by senior bank executives with decades of industry experience.
Since leaving Parliament, Osborne has pursued a varied career. He was editor of the London Evening Standard before becoming a partner at Robey Warshaw, the elite merger advisory firm recently acquired by Evercore. He is also chairman of the British Museum, advises cryptocurrency exchange Coinbase and chairman of Lingotto Investment Management, which is backed by the Italian Agnelli family.
A move to HSBC would mean he would have to give up several of these high-profile roles.
Osborne’s previous dealings with China are also likely to come under scrutiny. As chancellor, he championed a “golden age” of British-Chinese relations and is said to have intervened on behalf of HSBC during negotiations with US authorities over money laundering allegations in 2012. Today’s far cooler geopolitical climate means the next HSBC chairman will face a very different operating environment.
Regulators are expected to take a close look at both his limited banking experience and his complex professional portfolio.
HSBC shares have risen more than 50% over the past year despite global headwinds. The bank is currently undergoing a comprehensive strategic realignment under new CEO Georges Elhedery, who succeeded Noel Quinn in July 2024.
Elhedery reorganized the business into Eastern Markets and Western Markets divisions and merged commercial and investment banking into one unit. Analysts’ reactions were mixed, but the strategy didn’t hurt the stock’s strong performance.
During Sir Mark Tucker’s tenure, HSBC further optimized its operations by exiting non-core markets such as Canada and France to focus more on Asia.
HSBC said the leadership succession process, led by chief independent director Ann Godbehere, was ongoing. Neither the bank nor Mr Osborne commented on the latest developments.
