HSBC share price: RBS outgoing CFO in line for top finance job

Asia-focused lender interviews Ewen Stevenson

HSBC share price: RBS outgoing CFO in line for top finance job

The outgoing chief financial officer of Royal Bank of Scotland Group (LON:RBS) has been interviewed by HSBC Holdings (LON:HSBA), The Times has revealed. The move comes with Europe’s biggest bank looking to replace Iain Mackay as head of its finance department.

HSBC’s share price has inched higher in London in today’s session, having added 0.30 percent to 728.00p as of 08:42 BST, largely in line with gains in the broader market, with the benchmark FTSE 100 index currently standing 0.24 percent higher at 7,707.65 points. The group’s shares have added more than seven percent to their value over the past year, as compared with about a 2.6-percent gain in the Footsie.

HSBC interviews Ewen Stevenson

The Times reported this morning that RBS’ chief financial officer Ewen Stevenson was understood to be among the favourites to replace Iain Mackay as head of the finance department at HSBC. The news comes after the bailed-out lender revealed yesterday that Stevenson had resigned from his role as CFO to take up an opportunity elsewhere. 

“I’ve made up my mind on what I’m going to do next,” Stevenson commented at RBS’ annual general meeting yesterday, as quoted by the newspaper. “When I’m ready to talk about it, I’ll talk about it.”

HSBC’s plan to replace Mackay comes three months after the departure of Stuart Gulliver as chief executive. The Times notes that the Asia-focused lender’s finance chief was credited for his role in the restructuring of the loss-making North American division, which was hit hard by the sub-prime debt crash.

Analysts on Europe’s biggest lender

Morgan Stanley, which is ‘overweight’ on HSBC, boosted its price target on the stock from 850p to 900p last week. According to MarketBeat, the blue-chip lender currently has a consensus ‘hold’ rating and an average price target of 759.18p.

As of 09:07 BST, Thursday, 31 May, HSBC Holdings plc share price is 727.10p.

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