UniCredit Shares Tank As CEO Is Considered For Chief Position At HSBC

The shares of Italian banking giant UniCredit S.p.A. UNCFF dipped in Friday's trade in Milan as reports suggested that the company's chief executive officer Jean-Pierre Mustier was being considered for leading HSBC Holdings p.l.c. HSBC.

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What Happened

Bloomberg reported on Thursday that Mustier is one of the bankers being considered for the top role at rival London-based HSBC.

Mustier's appointment isn't final, according to Bloomberg, as others, including Noel Quinn, remain under consideration.

Quinn has led the company since British banker John Flint stepped down from the role in August last year based on "mutual agreement" with the board of management.

The company didn't name Quinn as the new chief during its February strategy update announcement fueling expectations that an outsider could be selected for the role.

HSBC has said that the next CEO may not be announced until August, Bloomberg noted.

Mustier has spent four years leading UniCredit. The 59-year old French executive was credited with a series of reforms that turned around the bank's fortune.

Price Action

UniCredit's shares traded 2.29% lower at $14.50 in Milan at press time on Friday. The stock closed 1.37% lower at $14.84 in the otc market on Thursday.

HSBC traded slightly higher at $7.21 in London at press time. The shares closed 0.17% lower at $36.17 in New York on Thursday.