HSBC chief executive John Flint steps down

WEB DESK - John Flint, the chief executive of HSBC, has stepped down after the bank said it needed a change in leadership to address a "challenging global environment".

Flint is giving up the role he has held for a year and a half "by mutual agreement with the board". He will immediately cease his day-to-day responsibilities at HSBC but will help with the transition as Noel Quinn takes over as interim chief executive. Chairman Mark Tucker thanked Mr Flint for his "commitment" and "dedication". However, he said: "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." HSBC made the announcement as it reported a 15.8% rise in pre-tax profit to $12.4bn (£10.2bn) for the six months to 30 June. Mr Flint, who has worked at HSBC for 30 years, said: "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." Commenting on the current environment, HSBC said "the outlook has changed". It said that US interest rates are now expected to fall rather than rise and "geopolitical issues could impact a significant number of our major markets". It added: "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain." SOURCE: BBC NEWS