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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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NEWSLETTERS & ALERTS
HSBC Names New CEO
[Photo: Bloomberg News]
HSBC Holdings has named insurance executive Mark Tucker as Chairman of the bank. Tucker will succeed Douglas Flint, effective 10/1/17. Mr. Tucker, 59, is CEO of AIA Group and former head of Prudential. Flint, 61, will be stepping down after 6 years as Executive Chair and 21 years at the bank. Once installed, the bank will seek a successor to CEO Stuart Gulliver.
For the past several years, HSBC has been undergoing a reorganization that has seen the bank cut more than 87,000 jobs, exit more than 80 business lines, separate its retail bank from the investment bank in the U.K., and respond to the economic implications of Brexit. All the while, HSBC has continued its struggles to generate increasing profits, compliance with demanding regulation throughout the world – particularly as it pertains to AML.
MARK TUCKER. Tucker played professional soccer in his early life but moved onto accounting at PricewaterhouseCoopers. He joined Prudential in 1986, initially working for Prudential Portfolio Managers. He progressed through various roles in the U.K., Hong Kong, and the U.S., where he was an SVP at Jackson National Life from 1992 to 1993. He was appointed CEO of Prudential Corporation Asia and an executive director of Prudential plc, but left the group in May 2004 to join HBOS as Finance Director.
Tucker rejoined Prudential in March 2005 as CEO, and served in that position until September 2009, when he stepped down for personal reasons. Tucker joined AIA Group in July 2010 and, since October 2010, has served as Chairman and CEO of AIA Co. and AIA International. Tucker is also on the Board of Directors of Goldman Sachs.