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* UniCredit CEO out of running for HSBC role- source
* Mustier emerged as contender last week
* Withdrawal a filip for internal candidate Quinn
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By Lawrence White and Valentina Za
LONDON/MILAN, Feb 23 (Reuters) - UniCredit Chief Executive
Jean Pierre Mustier has ruled himself out of a switch to
European rival HSBC, a source with knowledge of the
matter told Reuters on Sunday.
Italy's biggest bank is set to announce he will remain part
of the lender's plans, ending speculation Mustier was set to
take the helm at HSBC after he emerged as a contender last week.
UniCredit declined to comment.
HSBC said last August it will appoint a new CEO within six
to twelve months following the shock ouster of John Flint, with
his interim replacement Noel Quinn the internal candidate and
favourite for the role.
The news of Mustier's withdrawal will come as a boost for
Quinn, who announced on Tuesday an overhaul of HSBC as he
auditions for the permanent role under Chairman Mark Tucker.
Quinn announced HSBC would shed $100 billion in assets,
shrink its investment bank and revamp its U.S. and European
businesses in a drastic overhaul that will mean 35,000 jobs cut
over three years.
Analysts and investors had criticised Tucker's decision not
to appoint Quinn as he presented the new strategy.
Mustier arrived at UniCredit in mid-2016 to oversee a
turnaround that has seen the bank slash costs and bad debts
while also selling assets and new shares to boost capital.
(Reporting By Lawrence White and Valentina Za; Editing by
Rachel Armstrong and Daniel Wallis)
