Britain's biggest bank, HSBC, is preparing to announce major changes to its senior management amid reports of a boardroom power struggle.
HSBC has confirmed that its chief executive Michael Geoghegan is to be replaced by Stuart Gulliver - currently the head of the group's investment bank.
It comes after chairman Stephen Green announced he was leaving earlier than expected to become a trade minister.
Douglas Flint, currently HSBC's finance director, has also been confirmed as the replacement for outgoing chairman Stephen Green.
The BBC understands finance director Doug Flint will replace him, if city regulator the FSA gives its approval.
Mr Green took up an offer of a UK government role earlier this month.
Meanwhile another front-runner for the post, chief executive Mike Geoghegan, is understood to have resigned.
The moves mark a significant shake-up of leadership at the UK's biggest bank.
Stuart Gulliver, who runs HSBC's investment bank, is expected to replace him, BBC business editor Robert Peston said.
Earlier HSBC denied reports that Mr Geoghegan was quitting after being told he was being overlooked for the position of chairman.
The bank has a history of promoting its chief executive to the chairmanship and Mr Geoghegan had been seen as a front-runner in the race to replace Mr Green.
The Financial Services Authority is yet to approve either appointment, the BBC understands - although if clearance is given, an official announcement is likely on Friday.
In its statement HSBC said the appointment of Mr Flint as chairman has been made by a unanimous decision of the board.
'Farce'
"The nomination committee came to the unanimous conclusion that Douglas Flint was the best person - internally or externally - for the position, meeting all the core criteria," it said.
HSBC has a history of promoting its chief executive to the chairmanship and Mr Geoghegan had been seen as a front-runner for the position.
His appointment has also been approved by the City regulator, the Financial Services Authority (FSA).
The bank denied reports that he was to quit after being told he was being overlooked for the position.
Mr Flint called the appointment "a privilege".
But our business editor said news of the departure at the same time as Mr Flint's appointment meant the bank would "find it hard to dispel the impression that Mr Geoghegan is disappointed at being leapfrogged".
"Our industry is in the midst of fundamental change which will redefine have banks operate," he said.
"The saga of the replacement of Stephen Green as chairman of HSBC is turning into a farce, which is delicious for spectators but humiliating for one of the world's most proper and secretive banks," our business editor added.
"At the same time we need to restore trust in the banking industry by learning from mistakes made in recent years."
"For all HSBC's success in steering a pretty steady course through the worst banking crisis in 60 years, some would argue that succession planning at such a vast and powerful organisation ought to be a little more orderly."
Mr Geoghegan gave no indication of any boardroom bitterness in his statement, calling Mr Flint and his own replacement Stuart Gulliver "an awesome combination".
Mr Green will take up the position of minister for trade and industry from January, ending his 28-year career at HSBC, having spent three years as chief executive and four years as chairman.
Mr Gulliver will take over as the new chief executive from January next year.
At the time of the appointment, HSBC said the move was in response to a request from the prime minister.
The moves are the latest in a series of moves among the UK's top bankers.
This week the chief executive of the Lloyds Banking Group, Eric Daniels, said he was to retire in a year's time.
Earlier this week the chief executive of the Lloyds Banking Group, Eric Daniels, announced his plan to retire in a year's time.
And earlier this month one of the world's highest paid bankers, Bob Diamond, was to become chief executive of Barclays - replacing current chief executive John Varley next year.
And earlier this month one of the world's highest paid bankers, Bob Diamond, was confirmed as the next chief executive of Barclays.
