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HSBC Holdings, one of Britain’s biggest high street banks and Europe’s largest lender by market value, is preparing to kick off a hunt for its next chairman.

Sky News has learnt that HSBC’s board has appointed headhunters to orchestrate the recruitment of a successor to Mark Tucker, who has held the post since 2017.

City sources said this weekend that the search firm MWM Consulting was among the frontrunners to run the process.

Mr Tucker, a former boss of Prudential and Hong Kong-based insurer AIA, is expected to step down at around the time of HSBC’s annual meeting in the spring of 2026.

Executives said on Saturday, however, that he could leave earlier depending upon the pace of the process.

Whoever succeeds Mr Tucker could find themselves thrust into the heart of any new trade war ignited by Donald Trump’s second term in the White House.

As a financial behemoth with deep ties to both China and the US, HSBC is deeply exposed to escalating trade and diplomatic tensions between the two countries.

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The search for HSBC’s next chairman is being coordinated at board level by Ann Godbehere, the bank’s senior independent non-executive director.

Sources said the complex nature of the HSBC chairmanship – one of the plum jobs in British business and global banking – meant that beginning preparations for a handover nearly 18 months from the arrival of a new chair made sense.

When he was appointed in 2017, Mr Tucker became the first outsider to take the post in the bank’s 152-year history – and which has a big presence on the high street thanks to its acquisition of the Midland Bank in 1992.

He oversaw a rapid change of leadership, appointing bank veteran John Flint to replace Stuart Gulliver as chief executive.

The transition did not work out positively, however, with Mr Tucker deciding to sack Mr Flint after just 18 months.

He was replaced on an interim basis by Noel Quinn in the summer of 2018, with that change becoming permanent in April 2020.

Mr Quinn spent a further four years in the post before deciding to step down, and in July he was succeeded by Georges Elhedery, a long-serving executive in HSBC’s markets unit and more recently the bank’s chief financial officer.

The new chief’s first big move in the top job was to unveil a sweeping reorganisation of HSBC that sees it reshaped into eastern markets and western markets businesses.

He also decided to merge its commercial and investment banking operations into a single division.

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The restructuring, which Mr Elhedery said would “result in a simpler, more dynamic, and agile organisation” has nevertheless drawn a mixed reaction from analysts.

Sources said that HSBC’s board would consider both existing non-executive directors and outsiders to succeed Mr Tucker.

Under the former Pru chief’s stewardship, HSBC has racked up the highest annual profits in the bank’s history, and sold a number of its international operations.

The largest of those was its Canadian unit, which it offloaded last year to Royal Bank of Canada for close to $10bn.

Mr Tucker also helped to steer HSBC through the COVID-19 pandemic, when its staff in Hong Kong and China were forced into some of the world’s most severe lockdowns.

In 2022, the Chinese insurer Ping An – and a significant shareholder in the bank – called on HSBC’s board to break the group up, which Mr Tucker and his colleagues resisted.

His most daring acquisition came early last year, when HSBC stepped in to rescue the British arm of Silicon Valley Bank as part of a Bank of England-coordinated deal over the course of a weekend.

HSBC’s London-listed shares closed on Friday at 732.7p, giving the bank a market capitalisation of almost £131bn.

The stock has risen by nearly a quarter over the last year.

HSBC has been contacted for comment.

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Primark boss Paul Marchant resigns and admits ‘error of judgement’ after allegation over his behaviour towards woman

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Primark boss Paul Marchant resigns and admits 'error of judgement' after allegation over his behaviour towards woman

The boss of Primark has resigned after admitting an “error of judgement” in his behaviour towards a woman in a social environment.

Paul Marchant stepped down as chief executive of the high-street fashion brand with immediate effect following an investigation.

Primark‘s parent firm, Associated British Foods (ABF), said he had co-operated with the investigation, and “acknowledged his error of judgment and accepts that his actions fell below the standards expected by ABF”.

“He has made an apology to the individual concerned, the ABF board and also to his Primark colleagues and others connected to the business,” the firm added.

The group’s overall chief executive George Weston said he is “immensely disappointed”.

“At ABF, we believe that high standards of integrity are essential,” he said in a statement.

“Acting responsibly is the only way to build and manage a business over the long term.

“Colleagues and others must be treated with respect and dignity.

“Our culture has to be, and is, bigger than any one individual.”

ABF’s finance director Eoin Tonge will take over as chief executive on an “interim basis” – and his role will be taken up by Joana Edwards, the group’s financial controller.

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A Primark store. Pic: PA
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File pic: PA

The group’s statement added it “seeks to provide a safe, respectful, and inclusive work environment where all employees and third parties are treated with dignity and respect”.

“Primark is committed to doing business the right way at all levels of the company,” it said.

ABF promised to continue supporting the woman who made the complaint.

Primark results due soon

The group will still publish its interim results for the financial year as planned on 29 April, according to its statement.

In January, ABF reported an uncharacteristic decline in like-for-like sales at Primark across the UK and Ireland.

Sales at the store fell by 6% – with Primark saying it expects “low single-digit” sales growth for 2025 as a result – down from mid single-digit levels in November 2024.

Speaking at the time, Russ Mould, investment director at AJ Bell, said: “If Primark is struggling, you know the UK retail sector is in trouble.”

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Stock markets tumble as Trump tariffs loom

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Stock markets tumble as Trump tariffs loom

Stock markets have plummeted as the 2 April implementation day of US tariffs ticks closer.

Benchmark stocks in Asia were rattled at the lack of progress in halting US President Donald Trump’s taxes which are due to come into force on US imports from Wednesday.

After delays, 25% tariffs are to be levied on all cars entering the US on what Mr Trump has called “liberation day”.

Trade barriers are also expected to be announced on countries deemed to be giving the US a bad deal on trade.

In Japan, the Nikkei stock index lost nearly 4% at points before closing 3.86% down, while Korea’s Kospi index dropped 2.83%.

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European markets followed suit with the UK’s FTSE 100 list of most valuable London Stock Exchange companies down 1%, falling to a more than two-week low.

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The larger FTSE 250, which contains more companies based in the UK, lost a large 1.55%, dipping to a level last seen in nearly a year.

Not since late April last year was the index at such a low.

The UK government has been trying to negotiate an exemption with the US government to prevent UK exports from being hit by the tariffs but has so far been unsuccessful.

Germany’s Dax, France’s CAC 40 and the European-wide Stoxx all opened lower.

Gold has reached another record high price as investors put money into investments perceived as safer than some stocks.

There’s been little change in the pound as it has remained around the $1.29 mark, seen over the last 10 days.

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Trump’s Scotland course will not host Open Championship because of commercial ‘challenges’

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Trump's Scotland course will not host Open Championship because of commercial 'challenges'

Donald Trump’s dreams of hosting golf’s Open Championship at his Turnberry course in Scotland will not be realised until the course is logistically and commercially viable, the game’s governing body has said.

Mark Darbon, chief executive of the R&A, told Sky News Turnberry is a “challenging” venue and, despite suggestions of diplomatic pressure from London and Washington, it has no immediate plans to schedule a championship at the Ayrshire venue.

Mr Trump has made no secret of his desire to return the Open to a course he bought in 2014, with his son Eric Trump leading efforts for it to stage a first championship since 2009.

Sources close to Mr Trump’s golf interests have told Sky News the Open would be a valuable bargaining tool in the UK’s trade negotiations with the US, and the King went as far as to mention Turnberry in the invitation for a state visit hand delivered by the prime minister last month.

Mark Darbon, chief executive of the R&A
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Mark Darbon, chief executive of the R&A

In his first broadcast interview since becoming chief executive last November, Mr Darbon said logistics and finances currently rule out a course that may have been outgrown by the demands of a modern Open.

“The area where there’s a bit of challenge is around the logistical and commercial side. The last time we were at Turnbury in 2009 we had 120,000 people there,” he said.

“These days a modern Open caters for 250,000 people-plus, and so we need the road and rail infrastructure to get our fan base there. We need hotel accommodation for the 60,000 bed nights we need to stage our championship and it’s challenging at that venue.”

Mr Darbon did not deny there was pressure to consider Turnberry, and indicated that politics, and the prospect of Mr Trump overshadowing any event, would also be a factor.

“We need to be confident that the focus will be on the sport and we need to ensure that the venue works for our requirement,” he added.

Read more: Man charged over vandalism at Trump golf course in Scotland

Handout photo issued by Palestine Action of damage to Trump Turnberry, which has been vandalised by activists. Palestine Action described it as a 'direct response to the US administration's stated intent to ethnically cleanse Gaza'. Issue date: Saturday March 8, 2025. The golf course in South Ayrshire, owned by the US president, was targeted overnight, with activists painting Gaza Is Not For Sale in three-metre high letters on the lawn, and damaging the greens including the course's most prestig
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A man was charged over the vandalism of a golf course owned by Mr Trump last week. Pic: PA

Competition for Turnberry is likely to increase from larger, less remote facilities.

The R&A draws Open venues from a rota of courses, with Royal Portrush staging this year’s championship following a sellout return after almost 70 years in 2019. Mr Darbon confirmed Portmarnock near Dublin is being actively considered for the first-ever Open outside the UK.

Maximising income from the Open matters because the R&A, which governs the game everywhere save the US, uses the revenue to fund a grassroots game still enjoying a post-COVID boom.

Donald Trump playing golf at his Trump Turnberry course. Pic: PA
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Donald Trump playing golf at his Turnberry course. Pic: PA

“We work with over 140 countries around the world, and in those markets there are now more than 62 million golfers, more than ever before,” Mr Darbon said.

“Some 40-odd million are playing golf regularly on nine and 18-hole golf courses, another 20 million are playing what we would call non-traditional formats like driving ranges, adventure golf, simulator golf. So the game is actually in rude health and our job is to continue to foster that and support it over time.”

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He is optimistic too that an end may be in sight for golf’s own trade war, between the US PGA Tour and the Saudi Arabian-funded LIV Golf league, a multi-billion dollar schism in the men’s professional game that has enriched scores of players while alienating many fans.

“There’s been too much talk about cash and not enough talk about competition and courses and all the other wonderful things that underpin our sport. So we’re optimistic for some positive change on that front. We’re not a negotiating table, but our job is to try and influence those discussions,” he said.

Donald Trump playing golf at his Trump Turnberry course. Pic: PA
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Mr Trump’s ambitions to host the Open at Turnberry are still unfulfilled. Pic: PA

The Open and golf’s other major championships, including next month’s Masters, have benefitted from the dispute as the only platforms for all of the best male players, and Mr Darbon says the game retains its lucrative appeal to business & sponsors.

“I think golf is maintaining its commercial appeal and I think there are a number of things that support that,” he said.

“The game has a really rich history and heritage, the values of the sport are really strong, and brands of businesses can continue to tell really rich stories about the game of golf that links to their own products and services. On top of that, golf has a genuinely global audience.”

Among them is the world’s most powerful man, his ambitions to host the Open still unfulfilled.

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