Stuart Gulliver

Stuart Thomson Gulliver (born 9 March 1959)[2][4] is a British banker, and the former group chief executive of HSBC. He was succeeded on 21 February 2018 by John Flint.

Stuart Gulliver
Stuart Gulliver at the World Economic Forum on East Asia 2011, Jakarta, Indonesia[1]
Born (1959-03-09) 9 March 1959[2]
Derby, England
NationalityBritish
EducationMaster of Jurisprudence (M.J.)[3]
Alma materOxford University[4]
OccupationBanker
Years active1980 – present
TitleFormer CEO, HSBC
Term2010-18
SuccessorJohn Flint
SpouseAmanda "Mandy" Henricks
Children3 (with first wife)

Early life and education

He was born in Derby, England, in 1959. His father Philip was a legal executive, while his mother Jean was personal assistant to the senior engineer at a local dockyard. Gulliver went to grammar school in Plymouth, Devon.[5]

Gulliver was an avid boxer while at Worcester College, Oxford, where he received a degree in jurisprudence (law). In a 2011 interview to Financial Times, Gulliver recalls his humble upbringing and his childhood aspiration, and said: "I wanted to be a barrister, but my parents couldn’t afford it".[5]

Professional career

Early career and HSBC (1980–2010)

In 1980, an HSBC executive serving in India urged him to join HSBC's elite international officer programme,[5][6][7] as it was called at that time, which paved the way for his banking career. Gulliver worked his way up in treasury and capital markets divisions,[8] rose through the ranks in the bank's Global banking and markets division,[6] and held a number of key roles in the group's operations worldwide; including postings in London, Hong Kong, Tokyo, Kuala Lumpur and the United Arab Emirates.

Gulliver was appointed to run the Asian and treasury capital markets desks from Hong Kong in the mid 1990s.[8] During the 1990s, Gulliver built HSBC's investment banking business in Hong Kong and turned HSBC's Asian markets business into one of the group's major money-spinners,[9] even in the aftermath of the Asian financial crisis.[7] He served as the head of treasury and capital markets in Asia-Pacific from 1996 to 2012.

He was appointed a group general manager in 2000, and later he led the global markets division from 2002 to 2003. He moved back to London in early 2003 to co-head the group's global corporate, investment banking and markets division along with John Studzinski. In March 2004, he joined the group management board as a group managing director. Upon the departure of John Studzinski in 2006, he was appointed chief executive of global banking and markets and HSBC Global Asset Management in May 2006.

He was a director of HSBC North America Holdings Inc until May 2009; of HSBC Bank Middle East Ltd from February 2010 to May 2011; of HSBC Latin America Holdings (UK) Limited until December 2009.[10]

He is deputy chairman of the supervisory committee of HSBC Trinkaus & Burkhardt AG (since September 2007; member since May 2006); non-executive chairman and a director of HSBC France since January 2009; and chairman of HSBC Private Banking Holdings (Suisse) SA since February 2010 (Director since September 2007).[11]

He was made a director of The Hongkong and Shanghai Banking Corporation Limited in September 2006 and has been an executive director of HSBC Holdings plc since May 2008.[12]

Group CEO of HSBC (2010–2018)

On 7 September 2010, Stephen Green,[13][14] the then group chairman of HSBC, announced that he would step down, in order to accept the invitation of the UK Prime Minister to become Minister of State for Trade and Investment in January 2011. As a result of Stephen Green's decision to step down earlier than planned, Michael Geoghegan, the then group CEO of HSBC, announced his retirement[15][16] and Stuart Gulliver, who led HSBC's investment-banking division since 2006, was appointed as the new Group CEO of HSBC Holdings plc, effective 1 January 2011.

He was also appointed the chairman of The Hongkong and Shanghai Banking Corporation Limited, a wholly owned subsidiary of HSBC Holdings plc.[17][18][19]

In 2011, he was included in the 50 Most Influential ranking of Bloomberg Markets.

In 2014, he received a total of £7.6 million in pay and bonuses.[20]

In October 2017, it was announced that he will be succeeded in February 2018 by John Flint.[21]

Personal life

His primary residence is in Kensington in West London,[5] where he lives with his Australian-born second wife, Amanda "Mandy" Henricks.[22][5] He has three children from his first marriage.[5] He officially lives in Hong Kong.[23]

A 2017 tax tribunal case shows HMRC agreed that by 2002/2003 Gulliver had become non-domiciled by establishing a domicile of choice in Hong Kong, despite having returned to be resident in the UK again, for what was intended to be a period of two years. In 2015, HMRC opened an enquiry into his domicile status, since he had in fact remained UK resident.[24]

The Guardian newspaper reported that Gulliver was a client of the scandal-ridden Panamanian lawfirm Mossack Fonseca, investing bonus payments through them.[25]

References
  1. "Co-Chair – World Economic Forum on East Asia 2011, Jakarta, Indonesia, 12–13 June 2011". World Economic Forum. Archived from the original on 15 April 2012. Retrieved 13 April 2012.
  2. "Page 59 - HSBC France Annual Report and Accounts 2010" (PDF). HSBC. Retrieved 13 April 2012.
  3. "Bloomberg Businessweek Executive profile: Stuart Gulliver". Bloomberg. Archived from the original on 18 January 2013. Retrieved 13 April 2012.
  4. "HSBC Investors Back Gulliver as CEO After Geoghegan Quits". Bloomberg. 25 September 2010. Retrieved 13 April 2012.
  5. "Breakfast with the FT: Stuart Gulliver". FT. 25 February 2011. Retrieved 13 April 2012.
  6. "New HSBC boss Gulliver digs in for long term". The Standard Hong Kong. 28 February 2011. Archived from the original on 20 August 2013. Retrieved 13 April 2012.
  7. "Stuart Gulliver Co-head, Corporate, Investment Banking, and Markets, HSBC, Britain". Bloomberg BusinessWeek. 30 May 2005. Archived from the original on 25 August 2006. Retrieved 13 April 2012.
  8. "How Gulliver fixed the world's best bank HSBC for the future". Euromoney. 6 July 2017.
  9. "Gulliver's travels and the transformation of HSBC". The Telegraph. Retrieved 6 November 2015.
  10. "Forbes Executive profile: Stuart Gulliver". Forbes. Archived from the original on 1 September 2009. Retrieved 13 April 2012.
  11. "WSJ Executive profile: Stuart Gulliver". WSJ. Retrieved 13 April 2012.
  12. "HSBC bio - Stuart Gulliver" (PDF). HSBC. Archived from the original (PDF) on 17 April 2012. Retrieved 13 April 2012.
  13. "HSBC Michael Geoghegan replaced by Stuart Gulliver". The Guardian. 23 September 2010. Retrieved 13 April 2012.
  14. "HSBC Announces New Leadership Team". Archived from the original on 21 August 2013. Retrieved 13 April 2012.
  15. "Geoghegan to Leave HSBC; Flint to Be Chairman". Archived from the original on 19 April 2013. Retrieved 13 April 2012.
  16. "Gulliver Promotion at HSBC Marks Rise of Investment Bankers". Bloomberg. 24 September 2010. Retrieved 13 April 2012.
  17. "HSBC boss Stuart Gulliver stays offshore for employment purposes". The Guardian. 22 February 2011. Retrieved 13 April 2012.
  18. "Douglas Flint to be HSBC chairman, Michael Geoghegan to leave in radical reshuffle". The Telegraph. 23 September 2010. Retrieved 13 April 2012.
  19. "Incoming HSBC chief Stuart Gulliver focuses on Asia with management reshuffle". The Telegraph. 27 November 2010. Retrieved 13 April 2012.
  20. Treanor, Jill (23 February 2015). "HSBC boss says bank shamed by Swiss tax avoidance". The Guardian. Retrieved 26 March 2015.
  21. Yeomans, Jon (12 October 2017). "HSBC names John Flint as new chief executive". Retrieved 20 October 2017 – via www.telegraph.co.uk.
  22. "Business Leaders". 4 Traders. Retrieved 15 December 2015.
  23. "Man in the News: Stuart Gulliver". FT. 24 September 2010. Retrieved 13 April 2012.
  24. "Stuart Gulliver v. The Commissioners for Her Majesty's Revenue and Customs" (PDF). Financeandtax.decisions.tribunals.gov.uk. Retrieved 9 July 2022.
  25. "In Panama, a German King of Shell Companies · Handelsblatt Global Edition". global.handelsblatt.com. Archived from the original on 7 April 2016. Retrieved 1 September 2022.
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