UniCredit Chief Executive Officer Jean Pierre Mustier has ruled himself out of a switch to European competitor HSBC, a source with knowledge of the matter said Sunday.
Italy’s biggest bank is set to declare he’ll continue to be part of the lender’s plans, ending speculation Mustier was set to take the wheel at HSBC after he appeared as a contender last week.
HSBC stated last August it is going to appoint a new CEO within six to twelve months after the surprise ouster of John Flint, with his temporary replacement Noel Quinn the internal front-runner and favorite for the position.
The news of Mustier’s departure will come as a boost for Quinn, who declared on Tuesday a shake-up of HSBC as he auditions for the permanent role under Chairperson Mark Tucker.
Quinn declared HSBC would lose $100 billion in assets, contract its investment bank, and renew U.S. and European businesses in a radical restructuring that will mean 35,000 jobs cut over three years.
Analysts and investors had criticized Tucker’s decision not to name Quinn as he recommended the new strategy.
Mustier joined UniCredit in mid-2016 to oversee a turnaround that has seen the bank slash costs and bad debts while selling assets and new shares to boost capital.