HSBC shares fall as Flint announces resignation
- Asian Market
- 5 months ago
HSBC chief John Flint has resigned from his position and will be replaced by Noel Quinn, head of HSBC’s Global Commercial Banking Unit.
Mr. Flint’s departure comes as surprise as he was appointed to the top spot only 18 months ago, HSBC has released a statement where it pointed out the departure was by mutual agreement with the rest of the bank’s board.
However, it may have been triggered by the news that HSBC planned a share buyback of $1 billion and an increase in first-half profits.
Europe’s largest bank went on to warn of challenges laying ahead due to global uncertainties such as Brexit, the ongoing trade disputes between the U.S. and China and the ongoing social unrest in Hong Kong.
All of the aforementioned may have forced a tough decision by Mr. Flint, that being said, shares of HSBC were down 1.6% as was the Hang Seng index earlier today, down by as much as 3%.
Source: Smart Trend Team