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HSBC's current head of Retail Banking and Wealth Management to be next CEO

John Flint will put an end to Stuart Gulliver's travails as boss of HSBC in February of next year
HSBC in Canary Wharf
HSBC has opted to promote from within

John Flint, chief executive of Retail Banking and Wealth Management at HSBC Holdings PLC (LON:HSBA) is to be the banking giant’s next chief executive.

Flint will succeed Stuart Gulliver as executive director and group chief executive upon Gulliver’s retirement next year on 21 February.

READ: HSBC shares jump after announcing US$2bn share buyback and first-half profit growth

"John has broad and deep banking experience across regions, businesses and functions,” said group chairman Mark Tucker, who led the search for Gulliver’s successor.

Tucker took over as chairman at the beginning of this month, succeeding Douglas Flint (no relation to John Flint).

“He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation. Through the search process, John has developed with myself [sic] and the board a clear sense of the opportunities and priorities that lie ahead,” Tucker said in a statement.

“Over the coming months, before he formally takes over the group CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC's current momentum," he added.

READ: HSBC boss confirms plans to shift UK jobs to Paris in event of 'hard Brexit'

Shares in HBSC edged up a penny to 740p on the news but remained down 1.1% on the day.

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