John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver

John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver

Insiders or outsiders? That has been the debate raging around HSBC since it emerged early previous year that both Stuart Gulliver, its chief executive, and Douglas Flint, its chairman, would be leaving the bank in quick succession.

Flint, who now runs HSBC's retail and wealth management business, will start in his new role on Feb 21 2018, taking over from current chief executive Stuart Gulliver, who is retiring after seven years in the job.

Flint says he's "humbled by the responsibility".

"He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation", Tucker said in a statement. HSBC, founded in Hong Kong and Shanghai in 1865, sees its current focus firmly in Asia, although it has been based in Britain since 1992.

In August a year ago HSBC abandoned a timetable for achieving that target, as increased regulatory requirements on capital, low interest rates and rising competition from low-cost competitors pressure lenders' profits worldwide. Profits rebounded in the first half of this year.

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HSBC has named a new Chief Executive to replace the departing Stuart Gulliver. According to Haberturk, Flint, which has been working in various stages of HSBC since 1989, has previously been chief of staff of Gulliver and experienced executive officer in seat of CEO.

"Stuart has led HSBC through a challenging and hard period with great energy and commitment and successfully reshaped the business strategy of the bank", Tucker said of Gulliver on Thursday.

Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000.

But in 2015, HSBC was forced to apologize for "unacceptable" failings at its Swiss division following allegations that the unit helped rich clients hide billions from the taxman.

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