Oct 12, 2017

HSBC appoints retail bank head John Flint as new CEO

HSBC has appointed John Flint - currently the head of the bank's retail banking and wealth management arm - to succeed Stuart Gulliver as chief executive. UK regulators had encouraged Europe's largest bank by assets to consider recruiting an outsider as chief executive, but Mr Flint - who joined the bank in 1989 and previously served as Mr Gulliver's chief of staff - was Mr Gulliver's preferred candidate. Mr Gulliver, who has led HSBC for seven years, said "My primary role as group CEO is stewardship and to hand the company to my successor in better shape than when I started". During Mr Gulliver's tenure, he worked to reshape Europe's biggest bank by selling assets and shifting resources to Asia, while tightening compliance and governance controls after a series of large fines. His replacement Mr Flint, spent the first 14 years of his career in Asia, before taking up London-based roles including group treasurer and head of its asset management business.

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