HSBC chief to stand down in boardroom shake-up

HSBC chief executive Michael Geoghegan is to step down by the end of the year in a major boardroom shake-up, the banking giant said today.

Mr Geoghegan will be replaced by Stuart Gulliver, who is head of the group’s investment banking operation, while Douglas Flint, the bank’s finance director, will take over as chairman from Stephen Green, who recently quit to become Minister of Trade and Investment in the coalition Government.