HSBC’s Chief Executive Has Stepped Down Surprisingly

HSBC’s chief executive has stepped down surprisingly after the bank said that it needed a change in the leadership to address a challenging global environment.

The Chief executive of HSBC, John Flint “by mutual agreement with the board”, is giving up the role he has held for a year and a half. He said that, he will immediately cease his day to day responsibilities at HSBC, but will help through the transition as Noel Quinn will takes over as interim chief executive.

The Chairman Mark Tucker at HSBC thanked Mr Flint for his commitment and dedication.

But he said that in the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet challenges that we face and to capture the very significant opportunities before us.

HSBC also made the surprise announcement that as it reported a 15.8 percent surge in pre-tax profit to $12.4bn for the six months to 30 June. Mr Flint has worked at HSBC for 30 years, he said that he has agreed with the board decision today’s good interim results indicate that this is the right time for change, and both for me and bank.

51-year-old man ran the HSBC bank’s retail and wealth management business, before taking over as chief executive in last year. Mr Flint was seen as a safe choice, at that time,  for the top job.

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