HSBC appoints new CEO to replace retiring Stuart Gulliver

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Insiders or outsiders? That has been the debate raging around HSBC since it emerged early a year ago that both Stuart Gulliver, its chief executive, and Douglas Flint, its chairman, would be leaving the bank in quick succession.

HSBC, CEO Stuart Gulliver, who will retire next year, announced that John Flint is now head of individual banking and asset Management department.

"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.

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While the bank has made money every year under Gulliver, legal costs tied to HSBC's misconduct also soared.

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.

With the backing of then-chairman Douglas Flint, Gulliver, 58, moved to impose central control over HSBC's vast global network, announcing more than 87,000 job cuts during his tenure and exiting nearly 100 businesses and 18 countries. He also sold down assets and poured resources into Asia, where the bank now makes tidy profits.

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Flint will earn a base salary of £1.2 million ($1.58 million), a fixed pay allowance of £1,700,000 and a pension allowance of £360,000.

Also during Gulliver's time at the helm, HSBC was fined along with other global banks by United States and British regulators for attempting to rig foreign exchange markets.

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