The Hongkong and Shanghai Banking Corporation (HSBC) bank, Chief Executive Officer John Flint, has stepped down after serving 18 months in the Bank.
Noel Quinn, 57, the head of HSBC Global Commercial Banking unit will now be the interim CEO, the bank said in a statement.
As per the bank statement, the sudden departure of Flint is done as the bank is looking forward to bring change at the top to address a challenging global environment.
Flint was running the retail and wealth management business for HSBC before being appointed as the CEO of the bank in 2018 February. His appointment was done by bank’s first externally appointed chairman Mark Tucker, who joined the bank in late 2017.
As per the sources, the reason behind Fint’s quitting from his post is a result of differences in opinion over the execution of his strategy.
The bank Hong Kong share came down to 1.5 percent by the market’s lunchtime. The broader market recorded the shares down by 2.9 percent.