HSBC bank promotes John Flint to chief executive

HSBC bank promotes John Flint to chief executive

HSBC bank promotes John Flint to chief executive

Insiders or outsiders? That has been the debate raging around HSBC since it emerged early previous year that both Stuart Gulliver, its chief executive, and Douglas Flint, its chairman, would be leaving the bank in quick succession.

The appointment marks the first major decision taken by the bank's new chairman, former AIA Group chief Mark Tucker, who joined HSBC on Oct 1 as its first externally appointed chairman. 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".

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A married father of two, he will be paid a salary of £1.2 million per year (US$1.6 million, 1.3 million euros) but could earn many millions more based on the company's performance, the lender said in the statement.

Flint says he's "humbled by the responsibility".

The 49-year-old Briton added: "The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large".

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Flint spent his first 14 years with HSBC in Asia, establishing an investment bank in the region. Gulliver's legacy in six years on the job is of cleaning up and tightening controls after HSBC was ensnared in a series of scandals, including laundering for drug cartels. I know that with Mark and John leading the organisation, it is in great hands'.

Mr Flint's main task will be to grow revenues across HSBC's businesses, as Europe's biggest bank seeks to grow profits again following a period of restructuring after the 2008-2009 financial crisis.

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