This archive report was first published on 5 August 2019.
HSBC announced the surprise departure of its CEO, John Flint, on August 2, 2019, just before releasing its first-half results. The London-headquartered bank reported a 15.8 percent increase in pre-tax profit to $12.4 billion for the first half of the year.
Flint, who had spent three decades at HSBC, cited the need to lower costs in the face of global uncertainty. The bank is facing the double uncertainties of the US-China trade war and Britain's impending departure from the European Union.
Group Chairman Mark Tucker stated, "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."
Flint, 51, said, "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."
HSBC will look both internally and externally for a new leader, with Noel Quinn, head of the commercial banking division, serving as interim CEO. Flint will remain available to assist with the transition.
The move comes just weeks after the bank's US chief, Patrick Burke, retired following a reorganisation of its North American business.
