Gulliver's travelled: HSBC appoints wealth boss as group chief

Credit Crunch Fails To Wipe Out HSBC Profit

HSBC insider John Flint will become the bank's new group chief executive succeeding Stuart Gulliver, HSBC said on Thursday.

Flint, who has been with HSBC since 1989, replaces CEO and executive board director Stuart Gulliver, who is retiring as CEO. Flint will be owner of a pension allowance of £360 million in new office, as well as a net base salary of £$1.2 and £1.7 million in fixed allowance. First came the big, external appointment - Mark Tucker, who ran Asian insurance giant AIA, joined the bank as chairman at the start of this month, the first chairman to hail from outside HSBC's ranks since it was founded 152 years ago.

His contract also provides for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary dependent on certain performance criteria being met.

Flint says he's "humbled by the responsibility".

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"The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large", Flint said in a statement.

Gulliver has meanwhile said that HSBC would likely switch 1,000 jobs to Paris from London owing to Britain's eventual departure from the European Union. Flint had spent first 14 years of his career in Asia.

He will take over the bank following a period of regulatory turmoil for the sector - with HSBC no stranger to the controversy.

HSBC is carrying out a sweeping overhaul to increase profitability. This includes the important work of putting in place global standards for identifying and preventing financial crime'.

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