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HSBC removes CEO

chief executive John FlintHSBC Holdings has removed chief executive John Flint. The bank said it needs a new leadership to meet the challenges. The bank’s global commercial banking head, Noel Quinn, will take temporary charge of the CEO role while a search is carried out, it added. Flint took charge of the bank about 18 months ago as the bank’s management considered him to be a safe choice because of his decades-long career at the bank, He made few changes to the bank’s strategy during his tenure. He has been a low-key functionary and some at the board level of the bank felt he may not be able to drive the bank in the evolving business conditions and global developments. Flint, 51, said in a statement it had been a privilege for him to spend his entire career at HSBC, which he joined from college as a trainee on its international manager program. HSBC said Mr. Flint will leave his role immediately but will be available to assist HSBC with the leadership transition.

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