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HSBC appoints John Flint as new CEO

12 Octobre 2017

He will take over the role on February 21 next year.

Gulliver had already announced his intention to step down during 2018, and Flint was widely tipped to be his replacement.

The appointment is the first big decision by the bank's new chairman, ex-AIA Group boss Mark Tucker, who joined HSBC at the start of this month. He joined the bank in 1980 and has been chief executive January 2011. "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", Flint said in a statement.

Mr Flint, who takes over from outgoing chief executive Stuart Gulliver, will start his new role next February.

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By picking a 28-year veteran, Tucker, himself an HSBC outsider who replaced Douglas Flint as chairman on October 1, has bowed to the lender's tradition of spurning CEO candidates without a lengthy history at the firm.

Flint would have emphasized the breadth of his experience at HSBC, including his ability to handle egos at the investment bank as a former trader, according to people familiar with his thinking.

His relationship with Tucker will depend on how quickly he can galvanize revenue growth and deliver a double-digit return on equity, considered the bare minimum in profitability by investors. Two years later he was appointed group treasurer, responsible for balance sheet management. RBWM has 36m customers and had adjusted revenues of US$18.9bn a year ago (38% of the group) and made an adjusted pre-tax profit of US$5.3bn.

HSBC appoints John Flint as new CEO