Geoghegan to quit HSBC after Flint set to take chair

BANKING giant HSBC's chief executive Michael Geoghegan is set to step down within months.

He is expected to leave Britain's biggest bank before the end of the year as part of a reshuffle of senior management.

His replacement is reported to be Stuart Gulliver, the current head of the company's investment bank, according to reports which emerged last night.

Douglas Flint is being lined up to take over as the bank's chairman from Stephen Green, who announced a fortnight ago that he would take up a government job as trade minister from January.

HSBC has endured a turbulent two weeks of speculation that board members have been jostling for position since the announcement that Green, who was previously chief executive between 2003 and 2006, was leaving.

Geoghegan is said to have threatened to quit HSBC if he did not get the job of chairman.

Green and Geoghegan have held their posts at HSBC, the world's third-biggest bank, since 2005.

Green revealed earlier this month that he would step down from the group before the end of the year to take up the trade minister post after a 28-year career with the bank

Sources within the bank claim the latest shake-up at the top is expected to be endorsed at board meetings due to take place on Tuesday and Wednesday in Shanghai.