HSBC bank picks John Flint as chief executive

HSBC bank picks John Flint as chief executive

London-based bank HSBC says John Flint will be its new chief executive, replacing the retiring Stuart Gulliver.

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. First came the big, external appointment - Mark Tucker, who ran Asian insurance giant AIA, joined the bank as chairman at the start of this month, the first chairman to hail from outside HSBC's ranks since it was founded 152 years ago.

He will take over the role on February 21 next year, when Gulliver retires.

Recently-appointed chairman Mark Tucker said Flint had "a great understanding and regard for HSBC's heritage". Flint had spent first 14 years of his career in Asia. The new boss is a 28-year veteran of the British bank and a familiar face in Asia.

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HSBC is carrying out a sweeping overhaul to increase profitability.

A married father of two, he will be paid a salary of £1.2 million per year ($1.6 million, 1.3 million euros) but could earn many millions more based on the company's performance, the lender said in the statement.

HSBC said in 2015 it would hire 4000 staff and lend more in China's southern Pearl River Delta region, a plan that has since encountered some setbacks as China's growth slowed. He moved back to London in 2004, and has represented HSBC in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, and the U.S.

Before taking on his retail and wealth role in 2013, he was HSBC's head of strategy and planning having previously run its global asset management business and was deputy head of its markets business as well as serving as Group Treasurer.

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