HSBC chief executive John Flint out in top-level reshuffle

The chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a "challenging global environment".

John Flint is giving up the role he has held for a yearand-a-half "by mutual agreement with the board".

He will immediately cease his day-to-day responsibilities at HSBC, but will help with the transition as Noel Quinn takes over as interim chief executive.

Chairman Mark Tucker thanked Mr Flint for his "commitment" and "dedication".

However, he said: "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."

HSBC made the surprise announcement as it reported a 15.8% rise in pre-tax profit to $12.4bn for the six months to 30 June.

Mr Flint, who has worked at HSBC for 30 years, 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."

The 51-year-old ran the bank's retail and wealth management business before taking over as chief executive last year. At that time, Mr Flint was seen as a safe choice for the top job.

Commenting on the current environment, HSBC said "the outlook has changed".

It said that US interest rates were now expected to fall rather than rise and "geopolitical issues could impact a significant number of our major markets".

It added: "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain."

Mr Flint has a 12-month notice period, but it is not clear when his departure date will be, because he has "agreed to remain available to HSBC".

HSBC has also granted Mr Flint "good leaver" status, which means he will be entitled to any stock options that vest after he exits the bank, provided he does not work at a competitor for two years.

The bank said it has begun a search to find a new chief executive and "will be considering internal and external candidates"