HSBC Names John Flint as Chief Executive -- Update
October 12 2017 - 7:14AM
Dow Jones News
By Ian Walker
HSBC Holdings PLC said Thursday it has appointed John Flint, a
veteran of almost 30 years at the bank, as its new chief
executive.
Mr. Flint, 49 years old, will join the board on Feb. 21, 2018,
after Stuart Gulliver steps down after nearly eight years in the
role.
Mr. Gulliver said in March that he wanted to retire from the
bank in 2018. He has been at HSBC since 1980 and became CEO at the
start of 2011.
Mr. Flint's appointment comes as banks across Europe grapple
with the possible ramifications of Brexit. Many U.K. lenders are
putting in place contingency plans to build out their operations in
the European Union if they lose their rights to sell products to EU
clients.
Mr. Flint joined HSBC in October 1989, and spent the first 14
years in Asia helping to establish and expand HSBC's global markets
business in the region before moving back to Europe in 2004. Mr.
Flint was appointed group managing director in January 2013 and is
currently the chief executive of retail banking and wealth
management.
Mr. Gulliver, together with former Chairman Douglas Flint--to
which the new CEO is no relation--helped HSBC reshape itself and
adapt to the tougher regulation and lower profitability for banks
after the financial crisis.
Their five-year strategy plan in 2011 saw the bank rein in its
sprawling global operations by closing dozens of businesses and
exiting much of Latin America. They also dismantled an outdated
structure that gave country managers almost unfettered control, and
installed global business heads.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 12, 2017 06:59 ET (10:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
HSBC (NYSE:HSBC)
Historical Stock Chart
From Aug 2024 to Sep 2024
HSBC (NYSE:HSBC)
Historical Stock Chart
From Sep 2023 to Sep 2024