HSBC axes CEO after only 18 months on the job. More here:
) ousted John Flint as chief executive after just 18 months in a shock move the chairman of Europe’s biggest bank said was needed to speed up progress on priority areas such as the turnaround of its U.S. business.
Shares in HSBC, which fell nearly 14% during Flint’s tenure, were down 2% in London, even though it reported a 16% rise in profit and a revealed a share buyback of up to $1 billion. Tucker, who became HSBC’s first externally appointed chairman when he joined HSBC’s board in late 2017, said that the search for a new CEO, which will include both internal and external candidates, could take up to a year.Flint’s exit also followed weeks of adverse Chinese media coverage over HSBC’s role in the arrest of Huawei Chief Financial Officer Meng Wanzhou.
Outlining his strategy in June last year, Flint set out plans to invest $15-$17 billion in the next three years in areas including technology and China.“We suspect that any new CEO is still more likely to be internal, but will need a more dynamic approach to improving underperforming areas of the business,” he said.HSBC said it no longer expects to achieve the targeted 6% return on tangible equity by 2020 in the U.S., where it has struggled for years to build scale and compete.
“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.
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