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Report: HSBC acting CEO Quinn eyes keeping post permanently

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Report: HSBC acting CEO Quinn eyes keeping post permanently

Noel Quinn, who was appointed acting CEO of HSBC Holdings PLC in August, told Chairman Mark Tucker that he wanted to keep the post permanently when he accepted the role, insiders told Bloomberg News.

Quinn, who took the helm following John Flint's ouster, is among the front-runners to take the top post, along with CFO Ewen Stevenson, according to the Oct. 7 report. He had said in a video outlining his plans for the bank that his mandate "is to run the business not just as an interim CEO, but as the CEO."

Cutting costs is part of Quinn's strategy, which could entail additional job cuts of up to 10,000 targeting high-paid roles, according to the Financial Times. Following Flint's departure, analysts told S&P Global Market Intelligence that the bank's next leader would have to grapple with trade tensions, sluggish profits in the U.S., Brexit and concerns about China, among others.

The bank previously said it will consider internal and external candidates for Flint's replacement. Among those reportedly interested is Andrea Orcel, the would-have-been CEO of Banco Santander SA and former investment banking chief of UBS Group AG. Stephen Bird, who heads global consumer banking at Citigroup Inc., and Stephen Hester, CEO of RSA Insurance Group PLC, have also been shortlisted, The Sunday Times wrote Sept. 28.