This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-39251348
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| HSBC appoints AIA boss as new chairman | HSBC appoints AIA boss as new chairman |
| (35 minutes later) | |
| HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman. | HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman. |
| Mr Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010. | Mr Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010. |
| During seven years as chief executive of AIA, Mr Tucker oversaw the insurer's expansion in Asia. | During seven years as chief executive of AIA, Mr Tucker oversaw the insurer's expansion in Asia. |
| One of his first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who plans to step down next year. | One of his first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who plans to step down next year. |
| AIA said that Ng Keng Hooi, would take over as chief executive from 1 September. | |
| HSBC is Europe's biggest bank, but the bulk of its profits are generated in Asia. | HSBC is Europe's biggest bank, but the bulk of its profits are generated in Asia. |
| The bank has been through an overhaul in recent years in an attempt to reverse declining profits. | The bank has been through an overhaul in recent years in an attempt to reverse declining profits. |
| Over the last six years it has slashed more than 40,000 jobs and sold off businesses. | |
| Despite those efforts, profits tumbled more than 60% last year. | Despite those efforts, profits tumbled more than 60% last year. |
| The banking industry has been hampered by the extended period of very low interest rates, which makes lending money less profitable. | The banking industry has been hampered by the extended period of very low interest rates, which makes lending money less profitable. |
| For HSBC that problem has been compounded by its move into less risky areas of banking since the financial crisis which started in 2007. | For HSBC that problem has been compounded by its move into less risky areas of banking since the financial crisis which started in 2007. |
| Those challenges make the appointment of a new chief executive even more crucial for investors, a search which will now be led by Mr Tucker. | Those challenges make the appointment of a new chief executive even more crucial for investors, a search which will now be led by Mr Tucker. |
| Reputation revamp | |
| HSBC has also been attempting to repair its image after a series of scandals. | |
| Earlier this year it reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices during the financial crisis. | |
| In 2015 Mr Gulliver and Mr Flint apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax. | |
| In late 2012 HSBC paid US authorities $1.9bn in a settlement over money laundering. |