In February, months before HSBC announced chief executive Noel Quinn’s surprise departure, a paragraph on page 281 of the bank’s annual report prompted speculation about succession planning.
In it, the committee that oversees pay at the London-headquartered bank said it was concerned about the “competitiveness” of its most senior executives’ packages, and wanted to link pay more closely to performance.
Could it be, some wondered, that HSBC — chaired by the New York-based Mark Tucker — hoped to hire its next chief executive from the ranks of a US company, where pay is far higher?
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