The bank expects to bring in an executive recruitment firm shortly as it works on choosing its next leader. The supplied report describes an active search, but does not say that a firm has already been appointed or identify which recruitment adviser could get the assignment.

Several people are under consideration for the top job. However, the available report names none of them, so it does not establish who is on the shortlist or whether any candidate is ahead. For readers following the succession, the distinction is important: a search is under way, but a preferred successor has not been identified in the material provided.

The incoming chief executive is expected to concentrate on rebuilding investor confidence and supporting growth. The report does not explain what steps the new leader would take towards those goals. It also provides no date for an appointment or handover, and does not state why the succession process is taking place.