Out like Flint
August 5, 2019

HSBC's reporting of its first-half 2019 financial results came with a completely unexpected extra, the news that John Flint has stepped down as Group Chief Executive and as a Director of HSBC Holdings, after just 18 months in the position. Noel Quinn has been appointed as interim Group Chief Executive and as a Director of HSBC Holdings.

Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition, the official bulletin states.

Mark Tucker, Group Chairman of HSBC, said: "On behalf of the board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the bank. Today's positive interim results particularly reflect John's achievements as Group Chief Executive.

"HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."

Flint said: "It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the bank for their support during my career, and I am proud of what we achieved together.

"I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank. After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the bank's stakeholders in the best possible way."

The board has initiated a process to find a new Group Chief Executive and will be considering internal and external candidates.

Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition.

For the record, the bank reported profit after tax up 18.1 percent to US$9.9 billion. Reported profit before tax was up 15.8 percent to $12.4 billion, including an $828m dilution gain recognized on the completion of the merger of its associate The Saudi British Bank with Alawwal bank in Saudi Arabia.

The figures also included a provision of $615 million in respect of the mis-selling of payment protection insurance, and $248 million of severance costs arising from cost efficiency measures across global businesses and functions. Adjusted profit before tax was up 6.8 percent to $12.5 billion.





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HSBC's reporting of its first-half 2019 financial results came with a completely unexpected extra, the news that John Flint has stepped down as Group Chief Executive and as a Director of HSBC Holdings, after just 18 months in the position. Noel Quinn has been appointed as interim Group Chief Executive and as a Director of HSBC Holdings.

Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition, the official bulletin states.

Mark Tucker, Group Chairman of HSBC, said: "On behalf of the board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the bank. Today's positive interim results particularly reflect John's achievements as Group Chief Executive.

"HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."

Flint said: "It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the bank for their support during my career, and I am proud of what we achieved together.

"I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank. After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the bank's stakeholders in the best possible way."

The board has initiated a process to find a new Group Chief Executive and will be considering internal and external candidates.

Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition.

For the record, the bank reported profit after tax up 18.1 percent to US$9.9 billion. Reported profit before tax was up 15.8 percent to $12.4 billion, including an $828m dilution gain recognized on the completion of the merger of its associate The Saudi British Bank with Alawwal bank in Saudi Arabia.

The figures also included a provision of $615 million in respect of the mis-selling of payment protection insurance, and $248 million of severance costs arising from cost efficiency measures across global businesses and functions. Adjusted profit before tax was up 6.8 percent to $12.5 billion.



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