HSBC Holdings PLC said Thursday it has appointed John Flint, a veteran of almost 30 years at the bank, as its new chief executive.
Mr. Flint, 49 years old, will join the board on Feb. 21, 2018, after Stuart Gulliver steps down after nearly eight years in the role.
Continue Reading Below
Mr. Gulliver said in March that he wanted to retire from the bank in 2018. He has been at HSBC since 1980 and became CEO at the start of 2011.
Mr. Flint's appointment comes as banks across Europe grapple with the possible ramifications of Brexit. Many U.K. lenders are putting in place contingency plans to build out their operations in the European Union if they lose their rights to sell products to EU clients.
Mr. Flint joined HSBC in October 1989, and spent the first 14 years in Asia helping to establish and expand HSBC's global markets business in the region before moving back to Europe in 2004. Mr. Flint was appointed group managing director in January 2013 and is currently the chief executive of retail banking and wealth management.
Mr. Gulliver, together with former Chairman Douglas Flint--to which the new CEO is no relation--helped HSBC reshape itself and adapt to the tougher regulation and lower profitability for banks after the financial crisis.
Their five-year strategy plan in 2011 saw the bank rein in its sprawling global operations by closing dozens of businesses and exiting much of Latin America. They also dismantled an outdated structure that gave country managers almost unfettered control, and installed global business heads.
Write to Ian Walker at email@example.com
(END) Dow Jones Newswires
October 12, 2017 06:59 ET (10:59 GMT)