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HSBC Chief Steps Down After Less Than 2 Years

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HSBC announced the surprise departure of its chief executive officer, John Flint, on Sunday night, saying the bank needed a change at the top to address “a challenging global environment.”

The move comes nearly a year and a half after Mr. Flint, 51, took the helm of the Britain-based global banking giant. His departure was announced along with the company’s second quarter results, initially scheduled for Monday, which showed first-half pretax profit was 15.8 percent higher than in 2018.

The lender also declared that it would buy back up to $1 billion of its own stock, defying some analysts’ expectations that it might pause its strategy of returning extra capital to investors.

“The board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us,” Mark Tucker, the company’s chairman, said in a statement. Catch up and prep for the week ahead with this newsletter of the most important business insights, delivered Sundays.

 

Noel Quinn, 57, the head of HSBC’s global commercial banking unit, will hold the role of interim chief executive, the lender said.

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Source: HSBC Chief Steps Down After Less Than 2 Years

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