HSBC names John Flint as chief executive

HSBC has appointed John Flint as chief executive, replacing the long-standing Stuart Gulliver.

Flint, who currently heads up retail banking and wealth management at the lender, will take up the role on 21 February. His appointment will see Gulliver end a seven-year stint at the banking giant when he retires.

Chairman Mark Tucker, who recently took over from Scot Douglas Flint, led the search for a new chief executive. Tucker said: “John has broad and deep banking experience across regions, businesses and functions.

“He has a great understanding and regard for HSBC’S heritage, and the passion to build the bank for the next generation. Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead.”

Flint said he is “humbled by the responsibility” and excited by the opportunity to head HSBC.

Under Gulliver’s tenure, the bank has grappled with a series of misconduct issues and has paid billions in fines, for matters such as links to Mexican drugs cartels.

However, the bank chose to focus on Gulliver’s work in preventing financial crime and its dividend performance.

Tucker added: “Stuart has led HSBC through a challenging and difficult period… and successfully reshaped the business strategy of the bank. Since January 2011 [it] has paid $60.7 billion in dividends, announced an additional $5.5bn of share buybacks, and delivered a total shareholder return of 66.8 per cent.” 0 Flint takes the CEO reins after joining HSBC in 1989