HSBC says CEO John Flint to step down

HSBC on Monday introduced the shock departure of its Chief Govt Officer John Flint, 51, saying the financial institution wanted a change on the high to handle “a difficult international atmosphere.”

The change comes practically one-and-a-half years after Flint took the helm and was introduced together with its outcomes, initially scheduled for in a while Monday, which confirmed first-half pretax revenue rose 15.9%.

The lender additionally declared an extra buyback of $1 billion, defying some analysts’ expectations it’d pause its technique of returning additional capital to buyers.

“The board believes a change is required to satisfy the challenges that we face and to seize the very vital alternatives earlier than us,” Chairman Mark Tucker mentioned.

Noel Quinn, 57, the top of its World Industrial Banking unit will maintain the function of interim CEO, the lender mentioned in an announcement.