The announcement was made after the bank stated that it needed a new leader to face a “challenging global environment”.
John Flint will immediately step down and no longer conduct any daily responsibilities at HSBC. He will, however, assist in the transition of Noel Quinn taking over as interim chief executive. Mr Flint has been thanked for his “commitment” and “dedication” by chairman Mark Tucker.
In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.
The announcement was made following a report of a 15.8% rise in pre-tax profit to $12.4bn (£10.2bn) for the six months to 30 June. John Flint commented, “I have agreed with the board that today’s good interim results indicate that this is the right time for a change, both for me and the bank.”
Prior to this Mr Flint has been working for HSBC for 30 years running the bank’s retail and wealth management business before his move to Chief Executive as of last year and has now moved on from the position after 18 months.
Why the change?
HSBC gave further information saying “the outlook has changed”
Also stating that US interest rates were predicted to fall, however, they have risen and “geopolitical issues could impact a significant number of our major markets”. HSBC further added, “In the near term, the nature and impact of the UK’s departure from the European Union remain highly uncertain.”
Due to these conditions, the bank has confirmed it is looking for a new chief executive and will be excepting application from internal and external candidates.