Why HSBC has removed John Flint as CEO

In a very surprise announcement, just 18 months after John Flint was elevated to the CEO role, signals a potential change in approach at one of the world’s largest banks. Now, John Flint has removed from the position of chief executive. The bank said it needs a new leadership to meet the challenges.

With a market value of $159 billion, the London- and Hong Kong-listed lender is worth more than the Citigroup , even though its stock has fallen under Mr. Flint’s tenure. 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.

John has 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.