Bank names new chief executive

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

Mr Flint, who currently heads up retail banking and wealth management at the lender, will take up the role on February 21.

His appointment will see Mr Gulliver end a seven year stint at the banking giant when he retires.

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

“John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead.”

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

Under Mr Gulliver’s tenure, the bank has had to grapple with a series of misconduct issues and has paid billions in fines, including for links to Mexican drugs cartels. However, the bank chose to focus on Mr Gulliver’s work in preventing financial crime and its dividend performance.

Mr Tucker added: “Stuart has led HSBC through a challenging and difficult period with great energy and commitment and successfully reshaped the business strategy of the bank.

“This includes the important work of putting in place global standards for identifying and preventing financial crime.

“Since January 2011 the bank has paid $60.7nn dollars in dividends, announced an additional $5.5bn dollars of share buybacks, and delivered a total shareholder return of 66.8%. This is an outstanding track record.”