Former chancellor George Osborne has been shortlisted as a shock candidate to become the next chairman of HSBC Holdings, one of the most powerful and prestigious roles in global banking, according to reports.
Sky News revealed that Osborne — who served as chancellor from 2010 to 2016 — was approached over the summer as part of HSBC’s year-long search to replace outgoing chair Sir Mark Tucker. City sources say he is now among three remaining contenders being considered by the board.
The other candidates are understood to be; Naguib Kheraj, former Barclays finance director and ex-deputy chairman of Standard Chartered and Kevin Sneader, former global managing partner of McKinsey, now a senior executive at Goldman Sachs in Asia
It remains unclear whether any other names are still formally in contention or if the board views a particular candidate as the frontrunner.
Osborne’s presence on the shortlist has raised eyebrows across the Square Mile. Despite his extensive political and advisory background, he has no public company chairmanship experience, and his direct banking experience is limited compared with his rivals.
HSBC — valued at nearly £190bn and the second-largest FTSE 100 company after AstraZeneca — has faced criticism for running what observers describe as a chaotic succession process. Sir Mark stepped down at the end of September to chair insurer AIA, although he continues to advise HSBC’s board. Former KPMG vice-chair Brendan Nelson was installed as interim chair last month while the search continues.
If selected, Osborne would be a radical appointment for a post traditionally held by senior banking figures with decades of industry experience.
Since leaving Parliament, Osborne has pursued a wide-ranging career. He served as editor of the London Evening Standard, before becoming a partner at Robey Warshaw, the elite merger advisory firm recently acquired by Evercore. He also chairs the British Museum, advises cryptocurrency exchange Coinbase, and chairs Lingotto Investment Management, backed by Italy’s Agnelli family.
A move to HSBC would require him to relinquish several of these high-profile roles.
Osborne’s past dealings with China are also likely to attract scrutiny. As chancellor, he championed a “golden era” of UK-China relations and reportedly intervened on HSBC’s behalf in 2012 during its negotiations with US authorities over money-laundering charges. Today’s far cooler geopolitical climate means HSBC’s next chair will face a radically different operating environment.
Regulators are expected to scrutinise both his limited banking experience and complex professional portfolio.
HSBC shares have risen more than 50% over the past year, despite global headwinds. The bank is now undergoing a major strategic reshaping under new chief executive Georges Elhedery, who succeeded Noel Quinn in July 2024.
Elhedery has reorganised the business into eastern markets and western markets divisions, and has merged commercial and investment banking into a single unit. Analysts have given mixed reactions, but the strategy has not halted the stock’s strong performance.
During Sir Mark Tucker’s tenure, HSBC continued to streamline its operations by exiting non-core markets including Canada and France to sharpen its focus on Asia.
HSBC said the chair succession process, led by senior independent director Ann Godbehere, remains ongoing. Neither the bank nor Mr Osborne commented on the latest developments.
