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Bank chief Mustier rules himself out of HSBC job fight to stay in Italy

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Getty

A top French banker in the running for the HSBC chief executive’s job ruled himself out of the race on Monday, triggering more uncertainty over who will take over.

Jean Pierre Mustier, a former Société Générale banker and chief executive of Italy’s Unicredit, has committed his future to Italy after he emerged on Friday as one of HSBC’s choices for the role.

Mustier, a key figure at SocGen’s Canary Wharf investment bank for a decade, was vying with HSBC’s caretaker manager Noel Quinn on a long list of candidates drawn up by HSBC chairman Mark Tucker.

Unicredit shares fell 4% on Friday on reports Mustier could join HSBC, prompting today’s Unicredit statement after a board meeting on Sunday.

It said: “The group would like to state that Jean Pierre Mustier confirms he will remain with the bank. UniCredit would also like to remind everyone that it has just launched a new strategic plan, Team 23, and that the whole management team, including Jean Pierre Mustier, is fully focused on its successful execution.”

Team 23 is a three-year plan to hand €16 billion back to shareholders between now and 2023, meaning Mustier is locked in for another three years.

Tucker is being slow and deliberate in choosing the permanent replacement for John Flint, who was ousted last August. But the CEO vacuum has prompted confusion and speculation over the bank’s direction. Quinn last week unveiled a major strategy overhaul including a planned 35,000 job cuts over three years. But the bank was criticised for not nipping CEO speculation in the bud and naming a successor.

HSBC said it would announce a new chief between February and August.

The CEO battle comes amid reports Barclays chief executive Jes Staley could also be stepping down as soon as next year. Sources close to the bank played down reports it had kicked off the search for a successor as no headhunters have been appointed.

Barclays declined to comment.

Staley’s future has been thrown into sharp focus by a Financial Conduct Authority probe into his relationship with the late disgraced financier Jeffrey Epstein.