The CEO of the British banking group HSBC, John Flint, has resigned from his post after only 18 months. The bank communicates it, specifying that the manager "remains available to assist the institution in the transition" in this difficult international phase. John Flint, 51, has spent three decades at HSBC. Flint said he thinks now is a "good time for change, for me and for the bank." The HSBC title, listed on the London Stock Exchange, it reacted with a drop of 2,10% to 635,2 GBP.
Noel Quinn, head of HSBC's commercial banking division, has been appointed interim chief executive officer, pending the institution finding a new CEO. The search for him will take place both inside the bank and outside.
The news of the new resignations rewards the semi-annual accounts presented by the bank which closed the first half of 2019 with a pre-tax profit of 12,4 billion dollars, up 15,8% compared to a year ago. The result also includes $828 million awarded to the bank following the merger of The Saudi British bank (Sabb) subsidiary with Alawwal bank in Saudi Arabia, as well as other non-recurring income of $615 million and cost cuts of $248 million. Apart from this extraordinary match, Adjusted pre-tax profit was $12,5 billion, up 6,8% year over year. Net income rose 18,1% to $9,9 billion.
Revenues were up 7,6% and 8% in adjusted terms. Rote was up 150 basis points to 11,2%, including 120 points from the impact of the sale of Sabb, Cet1 improved 30 basis points from December 2018 to 14,3%. The bank also announced plans to launch a billion-dollar buyback program soon. Faced with the changed monetary policy conditions in the US, HSBC has indicated that it expects not to be able to achieve the target of a 6% Rote in 2020 in the United States, even if the target of a Rote above 11% was confirmed % globally in 2020.
