HSBC’s CEO John Flint makes surprise departure as bank seeks different approach to growth after second quarter beat estimates
- Flint took over as CEO in February 2018 after Stuart Gulliver’s retirement
- HSBC’s second-quarter results beat analyst expectations as Noel Quinn is named as interim CEO
HSBC’s chief executive John Flint has left after 18 months on the job, as a better-than-expected second quarter paved the way for his surprise departure while the bank goes in search for what its chairman called a “different approach” on growth, resource allocation and execution.
Flint will be replaced on an interim basis by Noel Quinn, who has headed global commercial banking since December 2015. Quinn, 57, previously served as regional head of commercial banking for Asia-Pacific in Hong Kong.
The bank’s shares fell by almost 2 per cent in a declining market to HK$61 in Hong Kong, the lowest intraday level in nine months.
“In the increasingly complex and challenging global environment in which the bank operates, the board agrees that a change is needed – and John agrees – to make the most of the significant opportunities ahead of us,” HSBC’s Chairman Mark Tucker said on a conference call. “This is a decision about the future.”