HSBC names John Flint as next CEO

John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver

London-based HSBC on Thursday named John Flint, now head of its retail bank, as its new Chief executive, effective February 21.

Flint begins his new role on February 21 after Gulliver had already announced his intention to step down after more than seven years, during which time he has overseen a huge reduction in staff numbers and operations amid a troubled period for the bank and sector as a whole.

During his career at HSBC Flint, 49, has worked across most of its businesses and spent his first 14 years in Asia, giving him the breadth of experience seen as vital for the CEO role.

Recently-appointed chairman Mark Tucker said Flint had "a great understanding and regard for HSBC's heritage". According to Haberturk, Flint, which has been working in various stages of HSBC since 1989, has previously been chief of staff of Gulliver and experienced executive officer in seat of CEO. The new boss is a 28-year veteran of the British bank and a familiar face in Asia.

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Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000.

After some strong profitable years under Gulliver, HSBC earnings plunged in 2016 on huge writedowns and restructuring charges. He also sold down assets and poured resources into Asia, where the bank now makes tidy profits.

It has also lost market share in its Asian life insurance business, a trend which analysts expect the bank's new chairman to attempt to reverse given his background in the industry. He has represented the group in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the United Kingdom.

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