HSBC sounds out ex-McKinsey chief Sneader about chairmanship

A former McKinsey boss is among the candidates being considered to replace Sir Mark Tucker as the chairman of HSBC Holdings.

Sky News has learnt that Kevin Sneader, who was voted out of the global consulting firm in 2021 following a string of crises, has been approached about the top job at the London-headquartered bank. City sources said Mr Sneader was one of a number of people being considered by the board nomination committee assembled by HSBC.

Money latest: Tesla takes $150bn hit as Musk-Trump row explodes The identities of the other contenders was unclear on Friday. Scottish-born Mr Sneader left McKinsey after it agreed to pay $600m to 49 US states for its role in advising opioid manufacturers.

Since then, he has taken a senior role at Goldman Sachs, where he now serves as president of Asia-Pacific, excluding Japan. He is also a member of the partner ranks of the Wall Street bank.

One insider suggested the circumstances of Mr Sneader's exit from McKinsey, as well as the fact he has little experience running or chairing London-listed businesses, could weigh against him as HSBC deliberates over the choice of Sir Mark's successor. On Friday, HSBC said Sir Mark would leave in September, after which he would return to chair AIA, the Hong Kong-based insurance company he previously ran.

In the interim, Brendan Nelson, would take over as chair, with senior independent director Ann Godbehere leading the process to find a permanent replacement. As a financial behemoth with deep ties to both China and the US, HSBC is deeply exposed to escalating trade and diplomatic tensions between the two countries.

When he was appointed in 2017, Sir Mark became the first outsider to take the post in the bank's 152-year history - and which has a big presence on the high street thanks to its acquisition of the Midland Bank in 1992. He oversaw a rapid change of leadership, appointing bank veteran John Flint to replace Stuart Gulliver as chief executive.

The transition did not work out positively, however, with Sir Mark deciding to sack Mr Flint after just 18 months. He was replaced on an interim basis by Noel Quinn in the summer of 2018, with that change becoming permanent in April 2020.

Mr Quinn spent a further four years in the post before deciding to step down, and in July he was succeeded by Georges Elhedery, a long-serving executive in HSBC's markets unit and more recently the bank's chief financial officer. The new chief's first big move in the top job was to unveil a sweeping reorganisation of HSBC - that sees it reshaped into eastern markets and western markets businesses.

He also decided to merge its commercial and investment banking operations into a single division. The restructuring, which Mr Elhedery said would "result in a simpler, more dynamic, and agile organisation" has nevertheless drawn a mixed reaction from analysts.

HSBC did not respond to a request for comment..