John Flint has agreed with the board to step down from his role as chief executive, HSBC. This is in response to the bank’s plan to introduce a change in leadership to meet the challenges of the global environment and maximise available opportunities now.
It was reported that the HSBC profits was hit by China slowdown. Also, sparking controversy with the new ad campaign.
The bank announced his departure after reporting a 15.8% rise in pre-tax profit to £10.2bn for the 6 months to the 30th June.
Mr Flint has worked at HSBC for 30 years, running the retail and wealth management business before accepting the CEO role in 2018. He agrees with the board on the interim change as the way forward at this time, having suffered shares fall during his tenure as a result of the increasing trade tensions between America and China. He leaves with his entitlements intact, which dispels any idea that he might have been asked to step down due to misconduct.
Mark Tucker (Chairman) expressed thanks to Mr Flint for his ‘commitment and ‘dedication.’ He is now expected to move away from his day to day responsibilities at the bank whilst he helps with the transition to the interim CEO, Noel Quinn.