Analyst: HSBC's chairman appointment seems uneventful

In a market commentary, AJ Bell stated that the news of HSBC making its interim chairman, Lambert, into a permanent appointment seemed somewhat anticlimactic. Former UK Chancellor George Osborne and Goldman Sachs Asia business head Shanmugam were seen as candidates for the position, so the announcement of Lambert as chairman came as a surprise - especially since the day before the announcement, HSBC's CEO had stated that Lambert did not want to serve a full six to nine year term as chairman. Analyst Dan Coatsworth said, "Some may read between the lines and see that this is still essentially a short-term appointment until HSBC can find a candidate with higher profile or more direct banking industry experience." HSBC's London stocks fell by 1%.