HSBC has chosen John Flint as its next chief executive, with its newly arrived chairman promoting an insider to drive revenue growth at Europe's biggest bank. Sonia Legg reports.
It wasn't unexpected but the appointment of John Flint as HSBC's new CEO won't be popular with everyone. He's an insider - currently in charge of the retail and wealth management business. Some had hoped Europe's biggest bank would break with a 150-year-old tradition and appoint its first external CEO. Mark Tucker - the Chairman who chose him - was an outsider who only joined this month. Flint will replace Stuart Gulliver in February. He's been in the job for seven years, steering the bank though the post financial crisis period The bank's share price rose half a percent after the announcement. Flint's considered a safe pair of hands. His main task will be to grow revenues across the recently restructured businesses Gulliver and former Chairman Douglas Flint - no relation to John - have been shrinking it since 2010 after a period of over-extension. In July HSBC announced its third share buyback in a year and rising profits. But its goal of making a better than 10 percent return on equity will be tough. Investors will also be watching to see whether Flint continues the shift towards Asia - he worked in the bank's second home market for 14 years.