Flint CEO of HSBC departs

HSBC on Monday said its Group Chief Executive John Flint had stepped down as the bank braces for geopolitical uncertainties.

The announcement came as the banking giant reported pre-tax profit was up 15.8 percent at $12.4 billion for the first half of the year.

Adjusted pre-tax profit also rose 6.8 percent year-on-year to $12.5 billion, the bank said.

Flint’s departure was revealed as HSBC said it was facing an “increasingly complex and challenging global environment”.

“Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition,” the bank said in a statement.

Noel Quinn, head of the commercial banking division, will be interim CEO, the statement added.