John Flint named as HSBC's new chief executive, succeeding Stuart Gulliver

HSBC building

HSBC shares fell as the global lender revealed John Flint will be its new group CEO

HSBC chief executive of retail banking and wealth management John Flint is to replace Stuart Gulliver as group chief executive.

Flint begins his new role on Feb 21 after Gulliver had already announced his intention to step down after more than seven years, during which time he has overseen a huge reduction in staff numbers and operations amid a troubled period for the bank and sector as a whole. First came the big, external appointment - Mark Tucker, who ran Asian insurance giant AIA, joined the bank as chairman at the start of this month, the first chairman to hail from outside HSBC's ranks since it was founded 152 years ago.

"He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation", Mr Tucker said in a statement.

"Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead".

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Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000.

Flint says he's "humbled by the responsibility". He will continue to advise HSBC until he formally retires from the bank on 11 October 2018. Flint had spent first 14 years of his career in Asia. Gulliver's legacy in six years on the job is of cleaning up and tightening controls after HSBC was ensnared in a series of scandals, including laundering for drug cartels.

As a company veteran, he is a safe pair of hands to succeed Gulliver. I know that with Mark and John leading the organisation, it is in great hands'.

Also during Gulliver's time at the helm, HSBC was fined along with other global banks by United States and British regulators for attempting to rig foreign exchange markets.

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