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flag HSBC names Brendan Nelson permanent chair after interim role, as bank cuts costs and faces shareholder pressure.

flag HSBC has appointed Brendan Nelson as its permanent group chair, following a formal review of internal and external candidates. flag Nelson, who served as interim chair since October 2024, succeeds Mark Tucker, who stepped down in September to lead AIA Group. flag The bank, undergoing a major restructuring to cut $1.5 billion in costs by 2026, continues to face pressure from shareholder Ping An to split the business, a proposal rejected in 2024. flag Nelson will remain chair of the group audit committee until HSBC’s 2025 results are released in February 2026.

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