The chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a challenging global environment. John Flint is giving up the role he has held for a year and a half by mutual agreement with the board.
HSBC warned it may have to delay some investments this year as Europe's biggest bank missed 2018 profit forecasts due to slowing growth in its two home markets of China and Britain. HSBC reported a drop in fourth-quarter revenue amid tumbling stock markets that sapped customer's confidence in investing.
Banking giant HSBC has named John Flint, current head of retail banking and wealth management, as its new boss. Mr Flint, who takes over from outgoing chief executive Stuart Gulliver, will start his new role next February.