Insider John Flint to be HSBC’s new chief executive as bank looks to build on recent growth
Bank’s chairman indicates the appointment, in keeping with a tradition of promoting from within, is aimed at continuing the strategy of the previous management
HSBC has appointed its retail banking and wealth management division chief John Flint as new group chief executive in a widely expected move, continuing the tradition of promoting from within for the top job.
Flint, who has been with the bank since 1989, succeeds Stuart Gulliver and will take over the role on February 21, when Gulliver retires.
Flint will form a partnership at the top of HSBC with new chairman Mark Tucker, who assumed his role on October 1. Tucker, who joined from insurer AIA, was the first outsider to be hired as chairman or chief executive at HSBC.
Tucker said that HSBC had considered both internal and external candidates for the role. He indicated that the choice of Flint was due to a desire to continue the broad thrust of the policies pursued by the previous management team.
“We plan to build on and accelerate HSBC’s current strategy,” said Tucker on a media conference call.
Gulliver, who became CEO in 2011, has had a challenging few years, with global regulators tightening their scrutiny of banks in the wake of the 2008 financial crisis. HSBC has shrunk its footprint and cut 25,000 jobs. It operates in 67 countries and territories, down from 87 in 2011.