Sep 1, 2021

Former HSBC boss John Flint to run new UK infrastructure bank

"A former HSBC chief executive has been appointed the first head of the UK Infrastructure Bank, a state lender designed to channel billions of pounds into capital projects as part of the government's"levelling-up" agenda". Flint joined HSBC as a graduate and worked for the bank for 30 years, eventually rising to chief executive in early 2018. The new bank, which will eventually employ several hundred staff, also has a key role in helping the UK to reach its pledge to reach "Net zero" carbon emissions by 2050, a commitment requiring a major overhaul of energy, transport and housing. Flint has not held a full-time role since August 2019, but does sit on a review panel examining the UK bank ringfencing law, which requires the formal separation of lenders' retail and investment banking operations. The law has been criticised by an unusual alliance of smaller high street lenders, which say it has unfairly boosted competition in the mortgage market, and US investment banks such as Goldman Sachs and JPMorgan, which are prevented from growing their new digital-only UK lenders above the current £25bn threshold.

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