HSBC's search for a permanent chairman remains ongoing, with interim chair Brendan Nelson confirming he does not want the role long-term. CEO Georges Elhedery disclosed the update at the FT's Global Banking Summit in London, noting Nelson's willingness to serve only "six to nine months" given his career stage.

Search Status and Key Candidates
The bank's board is set to interview candidates this week, though a final decision is not guaranteed and the search could extend further. Among the names reportedly under consideration:

• George Osborne, former UK Chancellor of the Exchequer.
• Kevin Sneader, former Global Managing Partner of McKinsey and Senior Advisor at Goldman Sachs.
• Naguib Kheraj, former Deputy Chairman of Standard Chartered, has reportedly withdrawn from consideration.

Context: Leadership in Transition
The chair role became vacant when Mark Tucker, HSBC's first externally recruited chairman, stepped down on September 30, having announced his departure in May. The search coincides with CEO Elhedery's ambitious restructuring, which includes:

• Reducing the bank's footprint in Western markets.
• Cutting management layers.
• Reinforcing its strategic pivot to Asian markets.

Implications:
The prolonged search highlights the challenge of finding a leader who can navigate HSBC's complex global footprint, geopolitical tensions (particularly between its core markets in the West and China), and execute a significant strategic overhaul. A permanent chair will be crucial in providing stability and strategic direction as the bank executes its pivot to Asia under Elhedery's transformation plan.