UniCredit shares fall at open after report Mustier vying for HSBC top job

News February 21, 2020 No Comments

UniCredit shares fall at open after report Mustier vying for HSBC top job

MILAN: Shares in Italy’s biggest bank UniCredit fell more than 1per cent at open on Friday following reports Chief Executive Jean Pierre Mustier is being considered for the top job at rival HSBC .

HSBC this week unveiled a drastic overhaul, the third since the financial crisis, under interim CEO Noel Quinn.

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Bloomberg News reported on Thursday Mustier had emerged as a contender for the job, which Quinn is vying to secure on a permanent basis. HSBC said in August it would pick a permanent CEO within six to 12 months.

A source familiar with the matter confirmed to Reuters Mustier is a candidate. Both banks declined to comment.

UniCredit shares were down 1.3per cent in early trade on Friday, following a 2.9per cent drop the previous day when it underperformed a 2.1per cent fall in the sector .

Mustier arrived at UniCredit in mid-2016 to oversee a turnaround that has seen the bank slash costs and bad debts while also selling assets and new shares to boost capital.

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(Reporting by Valentina Za and Giselda Vagnoni)

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