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HSBC says CEO John Flint is resigning



FILE PHOTO: HSBC CEO John Flint attends World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, January 24, 2019. REUTERS / Arnd Wiegmann

(Reuters) ̵

1; HSBC ( HSBA.L ) On Monday, the surprise departure for CEO John Flint, 51, announced that the bank needed a change at the top to address "a challenging global environment."

The change comes almost one-and-a-half years after Flint took the helm together with the results, originally scheduled for later on Monday, which showed that half of the enterprise profit increased by 15.9%.

The lender also declared a further $ 1 billion buyback, despite some analysts' expectations that it could break the strategy of giving back additional capital to investors.

"The board believes a change is needed to meet the challenges we face and to capture the very important opportunities that lie ahead," said board chairman Mark Tucker.

Noel Quinn, 57, the head of the global commercial banking unit, will hold the role of interim CEO, the lender said in a statement.

Reporting by Aditya Soni in Bengaluru; Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

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