British banking giant HSBC on Thursday said it had chosen John Flint, its head of retail banking and wealth management, to succeed Stuart Gulliver as chief executive, who is retiring.
HSBC, CEO Stuart Gulliver, who will retire next year, announced that John Flint is now head of individual banking and asset Management department.
Tucker, who joined from insurer AIA, is the first outsider to be hired as chairman or chief executive at HSBC but one of his first acts as chairman was to appoint Flint, who has served his time with HSBC in both Europe and Asia, and in the bank's global banking and markets divisions, as well as its retail banking business. "Over the coming months, before he formally takes over the CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC's current momentum", HSBC chairman Mark Tucker said in a statement. Flint had spent first 14 years of his career in Asia. In addition to this, Flin's new contract predicts a long-term bonus of 215 per cent of its base salary and a 320 per cent annual bonus.
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His main task will be to grow revenues across HSBC's businesses, as it seeks to grow profits again following a period of restructuring after the 2008-9 financial crisis. 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.
HSBC said in 2015 it would hire 4000 staff and lend more in China's southern Pearl River Delta region, a plan that has since encountered some setbacks as China's growth slowed. He has represented the group in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the United Kingdom.