George Osborne stands out as he surprises the race to become chairman of HSBC
Chancellor George Osborne has been shortlisted to become the next chairman of HSBC Holdings, one of the most powerful and prestigious roles in banking, according to reports. Sky News has revealed
That Osborne – who served as Chancellor from 2010 to 2016 – approached in the summer as part of a year-long search for Sir Tucker. City sources say he is now among the three remaining partners being considered for the board.
Some voters are understood to be understandable; Naguib Kheraj, former director of Barclays Finance and Vice Chairman of Standard Chartered and Kevin Sneader, former global managing partner of Mckinsey, now executive director of Golden Sachs in Asia
It remains unclear if there are other names still in contention officially or if the Board views the candidate as Frontrunner.
Osborne’s presence on the shortlist has raised eyebrows across the square mile. Despite his extensive political and advisory background, he has no public government experience, and his direct banking experience is limited compared to his competitors.
HSBC – Valued at around £190bn and the second largest company in the top 100 after AstraZeneca – has faced criticism for using what it describes as a Chaitic succession process. Sir Mark stepped down at the end of September to Chairman Insurance aa, although he continues to advise the Hsbc Board. Former KPMG Vice-Chairman Brendan Nelson was installed as interim chair last month while the search continues.
If elected, Osborne would be an excellent candidate for a post held by senior banking figures with decades of industry experience.
Since leaving Parliament, Osborne has pursued a wide-ranging career. He worked as an editor for the London Evening Standard, before becoming a partner in Warshaw of Robey Warshaw, a company prepared by Elite Jonceger Advisory recently acquired by Evecore. He also holds chairs in the British museum, advises Cryptocurrency Exchange Coinbase, and chairs in the management of Lingtotto channels, supported by the Agnelli family of Italy.
A move to HSBC would require him to ditch several of these high-profile roles.
Osborne’s past dealings with China are also likely to attract scrutiny. As Chancellor, he ushered in a “golden era” of UK-China relations and reportedly intervened on behalf of HSBC in 2012 during its currency negotiations. Today’s mild weather means that the next Hsbc seat will face a bright working environment.
Regulators are expected to scrutinize both his banking experience and complex professional portfolio.
HSBC shares have risen more than 50% in the past year, despite global awards. The bank is now facing a major restructuring process under new CEO Georges Elhedery, who succeeded Noel Quinn in July 2024.
Elhedery reorganized the business in Eastern markets and the division of western brands, and combined the bank’s sales and investments into one unit. Analysts have given a mixed reaction, but the strategy hasn’t underpinned the stock’s strong performance.
During Sir Mark Tucker’s Tenure, HSBC continued to streamline its operations by exiting non-core markets including Canada and France to calm its focus on Asia.
HSBC said the process for the seat, led by Independent Director Ann Godbeeree, remains ongoing. Neither the bank nor Mr Osborne commented on the latest development.
