HSBC's CEO Flint steps down 18 months after appointment

HONG KONG: 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 per cent at USD 12.4 billion for the first half of the year.

Adjusted pre-tax profit also rose 6.8 per cent year-on-year to USD 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.