Unicredit boss in crisis talks after HSBC link

THE boss of Unicredit, Italy’s biggest bank, was locked in talks with the company last night after he emerged as a prominent candidate for the top job at HSBC.

Jean Pierre Mustier is the leading contender to replace Noel Quinn, an HSBC lifer who has been interim chief executive for the last six months after former chief executive John Flint resigned.

Reports have said Mr Quinn could miss out on the permanent role. “The process is ongoing,” HSBC said. “We expect to announce the outcome within the six to 12-month timescale originally outlined.”

Shares in Unicredit fell 3.9pc yesterday, extending losses from Thursday when a move for Mr Mustier was reported.

This week, HSBC announced plans to cut 35,000 jobs and drastically scale back its operations in the US and Europe.