HSBC CEO Flint exits abruptly after only 18 months in role | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
June 20, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JUNE 20, 2025
HSBC CEO Flint exits abruptly after only 18 months in role

Global Economy

Reuters
05 August, 2019, 09:30 am
Last modified: 05 August, 2019, 09:37 am

Related News

  • UK's Developing Countries Trading Scheme key for post-LDC Bangladesh to retain access to market: Study
  • Bangladesh economy to rebound over coming year: HSBC
  • IRRI, HSBC Bank team up to boost haor region rice production
  • Bangladesh's outlook remains bright: HSBC
  • HSBC reports 'record profit' of $30.3b in 2023

HSBC CEO Flint exits abruptly after only 18 months in role

The departure comes as Europe’s biggest bank is grappling with headwinds including an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in the key Hong Kong market and uncertainty about Brexit

Reuters
05 August, 2019, 09:30 am
Last modified: 05 August, 2019, 09:37 am
FILE PHOTO: CEO John Flint of HSBC attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann
FILE PHOTO: CEO John Flint of HSBC attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann

HSBC (HSBA.L) announced the shock departure of Chief Executive Officer John Flint after just 18 months in the role, saying the bank needed a change at the top to address “a challenging global environment”.

Flint’s exit, which a person familiar with the matter said was a result of differences over execution of his strategy, was disclosed early on Monday along with HSBC’s half-yearly results which had been scheduled for release later in the day.

The departure comes as Europe’s biggest bank is grappling with headwinds including an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in the key Hong Kong market and uncertainty about Brexit.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

HSBC's Hong Kong shares (0005.HK) fell more than 1.5% in early trade on Monday, while the broader market .HSI was down 2.6%. The stock dropped even as the lender posted a 16% rise in half-yearly profit and unveiled a buyback of up to $1 billion, defying some analysts' expectations it might pause a strategy of returning extra capital to investors.

Flint ran HSBC’s retail and wealth management business before taking over as CEO in February 2018. His appointment was the first major decision taken by the bank’s first externally appointed chairman Mark Tucker, who came on board in late 2017.

“The board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us,” Tucker said in a statement.

London-headquartered HSBC, which makes more than 80% of its profit in Asia, said Noel Quinn, the head of its global commercial banking unit, will be interim chief executive.

While the bank did not elaborate upon the reason for Flint’s sudden departure, a person familiar with the matter said it was a result of differences of opinion between Flint and Tucker over the pace and result of the strategy execution.

The main difference arose from Flint’s softer approach to cutting expenses and setting revenue targets for senior managers to boost profit growth, said the person, declining to be named due to sensitivity of the issue.

An HSBC spokesman in Hong Kong declined to comment.

When he was picked as CEO, Flint was viewed by HSBC executives as a safe option as he had been with the bank since 1989 and worked across most of its businesses. He spent the first 14 years of his HSBC career in Asia.

Outlining his strategy at the helm of the bank in June last year, Flint set out plans to invest $15-$17 billion in the next three years in areas including technology and China.

REVENUE RISK

HSBC’s pre-tax profit for the first six months of 2019 rose to $12.41 billion from $10.71 billion in the same period a year earlier, helped by a surge in retail banking and Asia revenues.

The bank flagged the risk to its business from the US-China trade war and the change in the interest rate cycle.

The tit-for-tat tariff war between the world’s two largest economies has taken its toll on trade-focused banks like HSBC and rival Standard Chartered (STAN.L), which last week warned of an impact on its business customers from the escalating tensions.

“The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets,” HSBC said in its earnings statement.

The bank was “managing operating expenses and investment spending in line with the increased risks to revenue,” it said.

Prior to the latest buyback announcement, HSBC had purchased more than $6 billion of its own shares since 2016. Analysts had been watching closely to see whether the bank would announce a fresh buyback, as a failure to do so would have been read as a sign of mounting caution by HSBC’s management.

 

World+Biz / Top News

HSBC / Chief Executive Officer John Flint

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Vice-Chair of the National Consensus Commission Ali Riaz briefing reporters on 19 June. Photo: Screengrab
    Most parties agree upon amending presidential election process, BNP for existing method
  • Emergency workers at Soroka Medical Center after an Iranian missile strike, Israel June 19, 2025. Photo: Reuters
    Khamenei 'cannot continue to exist', Israeli defence minister says after hospital strike
  • US President Donald Trump speaks to members of the media during the installation of a new flagpole on the South Lawn at the White House in Washington, DC, US, June 18, 2025. Photo: Reuters
    Trump to decide on US action in Israel-Iran conflict within two weeks, White House says

MOST VIEWED

  • BAT Bangladesh to shut Mohakhali factory, relocate HQ after lease rejection
    BAT Bangladesh to shut Mohakhali factory, relocate HQ after lease rejection
  • Logo of Beximco Group. Photo: Collected
    Beximco defaults on €33m in Germany, Deshbandhu owes Czech bank €4m
  • Students attend their graduation ceremony. REUTERS/Brian Snyder/File Photo
    US resumes student visas but orders enhanced social media vetting
  • Mashrur Arefin appointed Chairman of the Association of Bankers Bangladesh
    Mashrur Arefin appointed Chairman of the Association of Bankers Bangladesh
  • Logo of Beximco Group. Photo: Collected
    BSEC to probe overall operations of five listed firms, three belongs to Beximco
  • Infographics: TBS
    Pvt sector's foreign loan rises by $454m on stable exchange rate, reserve in three months

Related News

  • UK's Developing Countries Trading Scheme key for post-LDC Bangladesh to retain access to market: Study
  • Bangladesh economy to rebound over coming year: HSBC
  • IRRI, HSBC Bank team up to boost haor region rice production
  • Bangladesh's outlook remains bright: HSBC
  • HSBC reports 'record profit' of $30.3b in 2023

Features

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

1d | Panorama
The Kallyanpur Canal is burdened with more than 600,000 kilograms of waste every month. Photo: Courtesy

Kallyanpur canal project shows how to combat plastic pollution in Dhaka

2d | Panorama
The GLS600 overall has a curvaceous nature, with seamless blends across every panel. PHOTO: Arfin Kazi

Mercedes Maybach GLS600: Definitive Luxury

3d | Wheels
Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

4d | Panorama

More Videos from TBS

Bribery exposed: BBS report reveals year’s dark data

Bribery exposed: BBS report reveals year’s dark data

9h | TBS Today
Is the story of nuclear weapons just to justify military operations?

Is the story of nuclear weapons just to justify military operations?

10h | TBS World
What are the political parties saying about the presidential election and power?

What are the political parties saying about the presidential election and power?

11h | TBS Today
Pakistan Army Chief urges US not to get involved in Iran-Israel war

Pakistan Army Chief urges US not to get involved in Iran-Israel war

12h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net